Motorola Solutions Revenue Rises 4.5%
04 Agosto 2016 - 11:57PM
Dow Jones News
By Tess Stynes
Motorola Solutions Inc. said its second-quarter revenue
increased 4.5% with a boost from its acquisition of Airwave
Solutions Ltd. this year.
The board also approved the repurchase of an additional $2
billion of its shares. At the end of the latest quarter, $400
million remained under the company's previous $12 billion
stock-buyback program.
Revenue increased to $1.43 billion from $1.37 billion. The
company had expected revenue growth of between 1% and 2%.
During the latest period, the company's Airwave acquisition
contributed revenue of $146 million, above expectations for about
$130 million.
Motorola Solutions acquired Airwave for roughly GBP700 million
($1 billion) in February, expanding its
emergency-communications-services business in the U.K.
The Chicago company is what remains of Motorola Inc., the
wireless communications pioneer that has been dismantled over
recent years. Motorola Solutions focuses on public-safety systems,
including two-way radios used by police officers and others.
Over all, Motorola Solutions reported a profit of $107 million,
or 61 cents a share, down from $142 million, or 68 cents a share, a
year earlier. Excluding stock-based compensation,
acquisition-related charges, business reorganization-related
charges and other items, adjusted per-share earnings from
continuing operations rose to $1.03 from 68 cents.
The company expected adjusted per-share earnings of 82 cents to
88 cents.
Motorola Solutions, which affirmed its 2016 guidance, projected
adjusted per-share earnings of $1.17 to $1.22 for the third
quarter, on revenue growth of 6% to 7%. Analysts polled by Thomson
Reuters expected per-share profit of $1.25 and a revenue increase
of 8%.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
August 04, 2016 17:42 ET (21:42 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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