Motorola Solutions Q3 Results Top Estimates; Lifts FY Outlook

(RTTNews) - Motorola Solutions Inc. (MSI) reported that its third-quarter net earnings attributable to the company decreased to $205 million or $1.18 per share from $267 million or $$1.51 per share in the prior year.

Non-GAAP earnings per share were $1.95 compared to $2.04 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.78 per share for the quarter. Analysts' estimates typically exclude special items. Sales were $1.9 billion, down 6% from the year-ago quarter driven by declines in North America and International. Analysts expected revenue of $1.83 billion for the quarter.

Revenue from acquisitions was $55 million. The Products and Systems Integration segment declined 14% primarily due to lower sales of public safety LMR products and professional and commercial radio (PCR), partially offset by growth in video security. The Software and Services segment grew 9%, driven by growth in both services and software.

For the fourth-quarter 2020, Motorola Solutions expects revenue decline of 5.5% - 6% compared with the fourth quarter of 2019. The company expects non-GAAP earnings per share in the range of $2.71 to $2.76. Analysts project fourth-quarter earnings of $2.83 per share for the fourth-quarter.

Looking ahead for full-year 2020, Motorola Solutions now expects revenue decline of about 6.5%, up from the prior guidance of a decline of about 7% and non-GAAP earnings per share in the range of $7.52 to $7.58, up from the prior guidance of $7.40 to $7.52.Analysts expect annual earnings of $7.50 per share.