Company again raises full-year revenue and earnings outlook following strong Q3 results
-
Sales of $2.8 billion, up 9% versus a year ago
- Products and Systems Integration sales up 11%
- Software and Services sales up 7%; up 13%1 excluding U.K. Home Office sales
- GAAP earnings per share ("EPS") of $3.29, up 22% versus a year ago
- Non-GAAP EPS2 of $3.74, up 17% versus a year ago
- Operating cash flow of $759 million, up $45 million versus a year ago
- Subsequent to quarter end, acquired an international provider of Command Center software solutions for $22 million, net of cash acquired.
CHICAGO — (BUSINESS WIRE) — November 7, 2024 — Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the third quarter of 2024.
“Our third-quarter results were exceptional, with record Q3 revenue, earnings and cash flow,” said Greg Brown, chairman and CEO, Motorola Solutions. “We achieved strong growth across the board, and I’m pleased with the momentum of our business. As a result, we’re again raising our revenue and earnings expectations for the full year.”
KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)
|
Q3 2024 |
|
Q3 2023 |
% Change |
|
Sales |
$2,790 |
|
$2,556 |
9 % |
|
GAAP |
|
|
|
|
|
Operating Earnings |
$711 |
|
$639 |
11 % |
|
% of Sales |
25.5 % |
|
25.0 % |
|
|
EPS |
$3.29 |
|
$2.70 |
22 % |
|
Non-GAAP |
|
|
|
|
|
Operating Earnings |
$830 |
|
$741 |
12 % |
|
% of Sales |
29.7 % |
|
29.0 % |
|
|
EPS |
$3.74 |
|
$3.19 |
17 % |
|
Products and Systems Integration Segment |
|
|
|
|
|
Sales |
$1,784 |
|
$1,612 |
11 % |
|
| GAAP Operating Earnings |
$446 |
|
$364 |
23 % |
|
| % of Sales |
25.0 % |
|
22.6 % |
|
|
| Non-GAAP Operating Earnings |
$522 |
|
$420 |
24 % |
|
| % of Sales |
29.3 % |
|
26.1 % |
|
|
| Software and Services Segment |
|
|
|
|
|
| Sales |
$1,006 |
|
$944 |
7 % |
|
| GAAP Operating Earnings |
$265 |
|
$275 |
(4) % |
|
| % of Sales |
26.3 % |
|
29.1 % |
|
|
| Non-GAAP Operating Earnings |
$308 |
|
$321 |
(4) % |
|
| % of Sales |
30.6 % |
|
34.0 % |
|
|
| 1 Details regarding this non-GAAP measure and the use of non-GAAP measures are included later in this news release. |
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| 2 Non-GAAP financial information excludes the after-tax impact of approximately $0.45 per diluted share related to highlighted items, share-based compensation expense and intangible assets amortization expense. Details regarding these non-GAAP adjustments and the use of non-GAAP measures are included later in this news release. |
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