Motorola Solutions Inc.'s (MSI) board approved the addition of
up to $1 billion toward the company's stock buyback program,
bringing the total authorized for repurchase up to $3 billion.
After repurchases of roughly $1.1 billion through Dec. 31,
Motorola Solutions said it will have up to about $1.9 billion to
use for potential buybacks this year.
The provider of public safety radios, handheld scanners and
telecommunications network gear was created last year in the split
of Motorola Inc., which spun off the higher-profile mobile-devices
and TV-set-top-box operations into Motorola Mobility Holdings Inc.
(MMI).
Fourth-quarter earnings reported last week fell 37% as charges
and the sale of the company's networks business masked
stronger-than-expected revenue growth. The company also reported it
expects sales growth to slow to 5% this year, compared with 8% in
2011.
Shares closed Friday at $45.80 and were inactive in premarket
trade. Through the close, the stock is down 1.1.% since the start
of the year.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com