Company raises full-year revenue and earnings outlook again
-
Sales of $2.6 billion, up 8% versus a year ago
- Software and Services sales up 12%
- Products and Systems Integration sales up 5%
- GAAP earnings per share (EPS) of $2.70, up 66% versus a year ago
- Non-GAAP EPS* of $3.19, up 6% versus a year ago
- Generated $714 million of operating cash flow, up $326 million versus a year ago
- Record Q3 ending backlog of $14.3 billion, up 6% versus a year ago
CHICAGO — (BUSINESS WIRE) — November 2, 2023 — Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the third quarter of 2023.
“Q3 was another strong quarter, with record third-quarter revenue, earnings and cash flow,” said Greg Brown, chairman and CEO of Motorola Solutions. “Safety and security have never been more important and we continue to see robust demand which drove our record Q3 backlog. As a result, we’re again raising our revenue and earnings expectations for the full year.”
KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)
|
Q3 2023 |
|
Q3 2022 |
% Change |
Sales |
$2,556 |
|
$2,373 |
8 % |
GAAP |
|
|
|
|
Operating Earnings |
$639 |
|
$373 |
71 % |
% of Sales |
25.0 % |
|
15.7 % |
|
EPS |
$2.70 |
|
$1.63 |
66 % |
Non-GAAP* |
|
|
|
|
Operating Earnings |
$741 |
|
$676 |
10 % |
% of Sales |
29.0 % |
|
28.5 % |
|
EPS |
$3.19 |
|
$3.00 |
6 % |
Products and Systems Integration Segment |
|
|
|
|
Sales |
$1,612 |
|
$1,529 |
5 % |
GAAP Operating Earnings |
$364 |
|
$303 |
20 % |
% of Sales |
22.6 % |
|
19.8 % |
|
| Non-GAAP Operating Earnings* |
$420 |
|
$375 |
12 % |
| % of Sales |
26.1 % |
|
24.5 % |
|
| Software and Services Segment |
|
|
|
|
| Sales |
$944 |
|
$844 |
12 % |
| GAAP Operating Earnings |
$275 |
|
$70 |
293 % |
| % of Sales |
29.1 % |
|
8.3 % |
|
| Non-GAAP Operating Earnings* |
$321 |
|
$301 |
7 % |
| % of Sales |
34.0 % |
|
35.7 % |
|
| *Non-GAAP financial information excludes the after-tax impact of approximately $0.49 per diluted share related to highlighted items, including share-based compensation expenses and intangible assets amortization expense. Details regarding these non-GAAP adjustments and the use of non-GAAP measures are included later in this news release. |
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