Company Achieves Record Q4 and Full-Year Sales and Earnings Per Share
-
Sales of $2.8 billion, up 5% from Q4 in the prior year; up 10% for full year
- Products and Systems Integration sales grew 4% in Q4; up 9% for full year
- Software and Services sales grew 7% in Q4; up 10% for full year
- Generated $1.2 billion of operating cash flow in Q4; $2.0 billion for full year, up 12%
- GAAP Q4 earnings per share (EPS) of $3.47, up 1%; $9.93 for full year, up 25%
- Non-GAAP Q4 EPS* of $3.90, up 8% versus a year ago; $11.95 for full year, up 15%
- Ending backlog of $14.3 billion, inclusive of record Products and Systems Integration backlog
- Announced $2.0 billion increase to the share repurchase authorization
- Acquired IPVideo, creator of the HALO Smart Sensor
CHICAGO — (BUSINESS WIRE) — February 8, 2024 — Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the fourth quarter and full year of 2023.
“2023 was an exceptional year, with record sales, earnings and operating cash flow,” said Greg Brown, Chairman and CEO of Motorola Solutions. “The strong growth we achieved reflects the continued robust demand for our safety and security solutions that help protect people, property and places. The momentum of our business is strong and I’m very pleased with our position for another year of revenue and earnings growth in 2024.”
KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)
|
Fourth Quarter |
Full Year |
||||
|
Q4 2023 |
Q4 2022 |
% Change |
2023 |
2022 |
% Change |
Sales |
$2,848 |
$2,706 |
5 % |
$9,978 |
$9,112 |
10 % |
GAAP |
|
|
|
|
|
|
Operating Earnings |
$738 |
$692 |
7 % |
$2,294 |
$1,661 |
38 % |
% of Sales |
25.9 % |
25.6 % |
|
23.0 % |
18.2 % |
|
EPS |
$3.47 |
$3.43 |
1 % |
$9.93 |
$7.93 |
25 % |
Non-GAAP* |
|
|
|
|
|
|
Operating Earnings |
$870 |
$822 |
6 % |
$2,784 |
$2,368 |
18 % |
| % of Sales |
30.5 % |
30.4 % |
|
27.9 % |
26.0 % |
|
| EPS |
$3.90 |
$3.60 |
8 % |
$11.95 |
$10.36 |
15 % |
| Products and Systems Integration Segment |
|
|
|
|
|
|
| Sales |
$1,890 |
$1,810 |
4 % |
$6,242 |
$5,728 |
9 % |
| GAAP Operating Earnings |
$492 |
$454 |
8 % |
$1,244 |
$913 |
36 % |
| % of Sales |
26.0 % |
25.1 % |
|
19.9 % |
15.9 % |
|
| Non-GAAP Operating Earnings* |
$567 |
$514 |
10 % |
$1,518 |
$1,172 |
30 % |
| % of Sales |
30.0 % |
28.4 % |
|
24.3 % |
20.5 % |
|
| Software and Services Segment |
|
|
|
|
|
|
| Sales |
$958 |
$896 |
7 % |
$3,736 |
$3,384 |
10 % |
| GAAP Operating Earnings |
$246 |
$238 |
3 % |
$1,050 |
$748 |
40 % |
| % of Sales |
25.7 % |
26.6 % |
|
28.1 % |
22.1 % |
|
| Non-GAAP Operating Earnings* |
$303 |
$308 |
(2) % |
$1,266 |
$1,196 |
6 % |
| % of Sales |
31.6 % |
34.4 % |
|
33.9 % |
35.3 % |
|
