Motorola Solutions Inc (NYSE:MSI) released its December quarter earnings report this morning. The company reported non-GAAP earnings per share from continuing operations of $1.67 and GAAP earnings per share from continuing operations of $1.31. Total sales for the quarter were $2.5 billion.
Analysts had been expecting the company to report earnings of $1.62 per share on revenue of $2.49 billion for the quarter.
Breaking down Motorola Solutions’ results
Motorola Solutions Inc (NYSE:MSI) reports that sales during the fourth quarter rose 3% compared to the same quarter a year ago. and GAAP earnings per share from continuing operations increased 11%. Non-GAAP earnings per share increased 52% compared to the same quarter a year ago. Full-year sales were $8.7 billion, which was flat compared with 2012. GAAP operating earnings for the full 2013 year were $1.2 billion. Full-year non-GAAP earnings were $1.5 billion.
The company’s results include a $1.25 per share benefit from recognizing certain foreign tax credits as a result of their “implementation of a holding company structure for certain non-U.S. subsidiaries.”During the quarter, Motorola Solutions Inc (NYSE:MSI) bought back $362 million worth of share. In the full year, the company bought back $1.7 billion worth of shares.
Motorola Solutions reports good Government division results
Government sales rose 4% in the quarter to $1.8 billion, as Government infrastructure and deployment services led the way. The company’s Enterprise segment also reported its second quarter of growth in a row. Motorola said backlog at the end of the year was at a record $6.2 billion, mostly thanks to “large multi-year projects in Government.”
Motorola Solutions Inc (NYSE:MSI) secured some multi-million U.S. government contracts with a number of cities throughout the country, as well as some international government agencies. The company also acquired Twiested Pair Solutions with the goal of speeding up push-to-talk capabilities over broadband using their MOTOTRBO radio network.
Enterprise results were solid too
The company’s Enterprise segment secured contracts with numerous major customers in the U.S. and abroad, including Wal-Mart Stores, Inc. (NYSE:WMT) in the U.S., China Healthcare and others. It also launched the TC55 touch computer, which runs on the Jelly Bean version of Google Inc (NASDAQ:GOOG)’s Android operating system. In addition, Motorola Solutions Inc (NYSE:MSI) earned CRN’s Product of the Year and Most Innovative Products of the Year for its SB! Smart Badge. It also received Good Design awards for its MC40, MC45, and VC70 and mobile computers.
Motorola Solutions guides for the quarter and year
Motorola Solutions Inc (NYSE:MSI) also provided guidance for the current quarter and all of 2014. It expects to see revenue fall between 4% and 6% compared to the first quarter of last year. The company expects non-GAAP earnings per share to be between 46 cents and 52 cents per share.
For the full year, Motorola expects to see its revenue remain flat or grow by up to 2% compared to 2013. Management believes non-GAAP operating earnings will be about 18.5% of sales.