Motoroal Q4 Income Drops But Beats Estimates

(RTTNews) - Tech company, Motorola Solutions, Inc (MCI), reported a lower net income in the fourth quarter year-over-year but managed to top the Street estimates. However, the outlook for earnings ended up lower than the projection. Motorola reported a net income of $401 million or $2.30 earnings per share, lower than $412 million or $2.37 earnings per share last year. On an adjusted basis, the income was $2.85 per share, down from $2.86 per share in the prior year. On average, 10 analysts polled by Thomson Reuters estimated the earnings to be $2.74 per share. Revenue was 2% higher year-over-year at $2.32 billion, compared to $2.27 billion last year. The slight boost in sales was attributed to an 8% increase in sales in software and service, partially offset by a 1% drop in products and system integration. For the next quarter, the company expects the revenue to grow 3% with earnings in the range of $1.53 to $1.59 per share. The Street projection for earnings was $1.80 per share. Greg Brown, chairman and CEO, Motorola Solutions said, "Our record backlog and continued robust demand positions us very well for sustained strong growth this year and beyond."