- Sales of $1.2 billion, down 2 percent from a year ago, including $22 million of unfavorable foreign currency impact and $61 million in revenues associated with the Airwave acquisition
- North America sales grew 2 percent, driven by both Products and Services segment sales
- Managed & Support services grew 30 percent, or 6 percent excluding Airwave
- Backlog ended at $8.3 billion, an increase of 43 percent, driven by Airwave and Managed & Support services growth
- GAAP earnings per share (EPS) from continuing operations1 of $0.10
- Non-GAAP EPS from continuing operations* of $0.52, up 37 percent
SCHAUMBURG, Ill. — (BUSINESS WIRE) — May 5, 2016 — Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the first quarter of 2016. Click here for a printable news release and financial tables.
SUPPORTING QUOTE
“We delivered strong earnings growth in the first quarter driven by our North America business and Managed & Support services,” said Greg Brown, chairman and CEO of Motorola Solutions. “We're encouraged by the progress in our services business and overall backlog, which positions us well for continued earnings and cash flow growth.”
KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)
| Q1 2016 | Q1 2015 | % Change | ||||||||||
| Sales | $ | 1,193 | $ | 1,223 | (2 | )% | ||||||
| GAAP | ||||||||||||
| Operating Earnings | $ | 100 | $ | 119 | (16 | )% | ||||||
| % of Sales | 8.4 | % | 9.7 | % | ||||||||
| EPS from continuing operations | $ | 0.10 | $ | 0.40 | (75 | )% | ||||||
| Non-GAAP | ||||||||||||
| Operating Earnings | $ | 166 | $ | 156 | 6 | % | ||||||
| % of Sales | 13.9 | % | 12.8 | % | ||||||||
| EPS from continuing operations | $ | 0.52 | $ | 0.38 | 37 | % | ||||||
| Product Segment | ||||||||||||
| Sales | $ | 702 | $ | 758 | (7 | )% | ||||||
| GAAP Operating Earnings | $ | 51 | $ | 64 | (20 | )% | ||||||
| % of Sales | 7.3 | % | 8.4 | % | ||||||||
| Non-GAAP Operating Earnings | $ | 84 | $ | 90 | (7 | )% | ||||||
| % of Sales | 12.0 | % | 11.9 | % | ||||||||
| Services Segment | ||||||||||||
| Sales | $ | 491 | $ | 465 | 6 | % | ||||||
| GAAP Operating Earnings | $ | 49 | $ | 55 | (11 | )% | ||||||
| % of Sales | 10.0 | % | 11.8 | % | ||||||||
| Non-GAAP Operating Earnings | $ | 82 | $ | 66 | 24 | % | ||||||
| % of Sales | 16.7 | % | 14.2 | % | ||||||||
