UPDATE Motorola Solutions Earnings: Beats Revenue Estimate
S&P 500 (NYSE:SPY) component Motorola Solutions Inc. (NYSE:MSI) reported its results for the second quarter. Motorola Solutions provides technologies, products, and services, including wireless handsets, digital entertainment devices, wireless accessories, set-top boxes, and video distribution systems.
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Motorola Solutions Inc. Earnings Cheat Sheet
Results: Net income for the wireless equipment fell to $182 million (61 cents per share) vs. $347 million ($1 per share) a year earlier. This is a decline of 47.6% from the year-earlier quarter.
Revenue: Rose 8.3% to $2.15 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Motorola Solutions Inc. fell short of the mean analyst estimate of 62 cents per share. Analysts were expecting revenue of $2.11 billion.
Quoting Management: Greg Brown, chairman and CEO of Motorola Solutions, said: “Our strong revenue and earnings growth continues to demonstrate the strength and resiliency of our business. We also are pleased to continue to return capital to our shareholders through an increased dividend and expanded share repurchase program.
After beating analyst estimates for the two previous quarters, the company fell short of forecasts. In the first quarter, it topped the mark by 3 cents, and in the fourth quarter of the last fiscal year, it was ahead by 4 cents.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 69 cents per share, down from 70 cents ninety days ago. For the fiscal year, the average estimate has moved up from $2.73 a share to $2.76 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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