FOURTH-QUARTER HIGHLIGHTS
- Fourth-quarter sales flat from a year ago, including $27 million of unfavorable foreign currency impact
- North America sales grew 4 percent from a year ago, driven by record Product sales
- Completed $4.2 billion U.S. pension de-risking transaction, including a $1.9 billion non-recurring charge, resulting in fourth-quarter GAAP loss per share from continuing operations* of $4.02
- Non-GAAP** earnings per share (EPS) from continuing operations of $1.25 driven by North America sales growth and lower overall operating expenses
- Returned $1.5 billion to shareholders in share repurchases and dividends in the quarter; $2.9 billion for the full year
SCHAUMBURG, Ill. — (BUSINESS WIRE) — February 4, 2015 — Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the fourth quarter and full year of 2014. Click here for a printable news release and financial tables.
SUPPORTING QUOTE
“Our fourth-quarter results demonstrate a solid finish to a transformational year,” said Greg Brown, chairman and CEO of Motorola Solutions. “The business continues to show signs of improvement, driven by growth in North America and significantly higher backlog. Our ongoing progress to simplify our organization and rationalize our cost structure will further position us for long-term success.”
KEY FINANCIAL RESULTS
| Fourth Quarter | Full Year | |||||||||||||
| 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||
| Motorola Solutions, Inc. | ||||||||||||||
| Sales ($M) | $1,823 | $1,817 | 0% | $5,881 | $6,227 | -6% | ||||||||
| GAAP | ||||||||||||||
| Operating earnings (loss) ($M) | -$1,459 | $325 | -549% | -$1,006 | $947 | -206% | ||||||||
| Percent of sales | -80.0% | 17.9% | -17.1% | 15.2% | ||||||||||
| EPS from continuing operations | -$4.02 | $1.12 | -459% | -$2.84 | $3.45 | -182% | ||||||||
| Non-GAAP | ||||||||||||||
| Operating earnings ($M) | $483 | $396 | 22% | $1,069 | $1,156 | -8% | ||||||||
| Percent of sales | 26.5% | 21.8% | 18.2% | 18.6% | ||||||||||
| EPS from continuing operations | $1.25 | $1.37 | -9% | $2.58 | $3.86 | -33% | ||||||||
|
Segments |
||||||||||||||
| Products | ||||||||||||||
| Sales ($M) | $1,246 | $1,212 | 3% | $3,807 | $4,109 | -7% | ||||||||
| GAAP operating earnings (loss) ($M) | -$944 | $237 | -498% | -$667 | $639 | -204% | ||||||||
| Percent of sales | -75.8% | 19.6% | -17.5% | 15.6% | ||||||||||
| Non-GAAP operating earnings ($M) | $394 | $283 | 39% | $754 | $775 | -3% | ||||||||
| Percent of sales | 31.6% | 23.3% | 19.8% | 18.9% | ||||||||||
| Services | ||||||||||||||
| Sales ($M) | $577 | $605 | -5% | $2,074 | $2,118 | -2% | ||||||||
| GAAP operating earnings (loss) ($M) | -$515 | $88 | -685% | -$339 | $308 | -210% | ||||||||
| Percent of sales | -89.3% | 14.5% | -16.3% | 14.5% | ||||||||||
| Non-GAAP operating earnings ($M) | $89 | $113 | -21% | $315 | $381 | -17% | ||||||||
| Percent of sales | 15.4% | 18.7% | 15.2% | 18.0% | ||||||||||
