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Motorola Solutions Inc. (NYSE:MSI), a maker of communications equipment, beat market estimates on its first quarter profit, which received a boost from higher sales to government.
Motorola Solutions sells products such as two-way radios and hand-held computers. The company was formed when Motorola Inc. split in two in January 2011. Motorola Mobility (NYSE:MMI), the other offshoot, sells mobile phones and set-top boxes for television.
Net income for the quarter was down over 66 percent to $157 million (49 cents a share). Excluding items, earnings were 59 cents a share, far better than analysts’ expectations of 54 cents a share.
Revenues climbed 7 percent to $1.96 billion. Of this, sales to government jumped 11 percent to $1.3 billion. Analysts had expected total revenues of $1.93 billion.
For the second quarter, Motorola Solutions expects 65 to 70 cents a share on an adjusted basis, while analysts expected 68 cents. Revenues are projected by the company to rise 6 percent to about $2.10 billion.
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