Telecom News --

Motorola Solutions announces Fourth-Quarter and Full-Year 2010 Financial Results

SCHAUMBURG, 30 January, 2011

Motorola Solutions, Inc. (NYSE: MSI), formerly Motorola, Inc., today announced its fourth-quarter and full-year 2010 financial results.

The following are pro forma* financial highlights for Motorola Solutions, which primarily represented the continuing operations of the former Enterprise Mobility Solutions segment of Motorola, Inc. These results have been adjusted for the impact of the separation of Motorola Mobility Holdings, Inc. as a discontinued operation.

Fourth-quarter financial highlights:

•Pro forma sales of $2.2 billion, up 13% from fourth-quarter 2009
•Pro forma operating earnings of $279 million compared to pro forma operating earnings of $250 million in fourth-quarter 2009
•Pro forma non-GAAP operating earnings** of $352 million compared to $351 million in fourth-quarter 2009
•Government sales of $1.5 billion, an increase of 9% from fourth-quarter 2009
•Enterprise sales of $772 million, an increase of 23% from fourth-quarter 2009
•Total cash of $5.7 billion and net cash of $3.0 billion as of the Jan. 4 separation

"With our separation completed, Motorola Solutions has embarked on a new and independent future with an even more sharpened strategic and operational focus that is both clear and purpose-driven," said Greg Brown, president and CEO of Motorola Solutions. "We are committed to driving profitable growth, optimizing our cost structure, improving cash flow and creating greater shareholder value. Our time, talent and resources are fully dedicated to executing on our financial plan and delivering mission- and business-critical solutions to government and enterprise customers throughout the world."

Operating Results

Government business highlights:

•Secured multi-million dollar contracts from the states of Maryland, New Jersey, Louisiana, Mississippi and Minnesota; the counties of Charleston in South Carolina, DuPage in Illinois, Escambia in Florida, Harris in Texas, Lapeer in Michigan, Orange in Florida and York in Virginia; the Los Angeles Unified School District; Queensland Gas in Australia; the Brazilian Army; and SAIC to service U.S. Customs and Border Protection

•Deployed AirDefense Security & Compliance solution for the Federal Aviation Administration to prevent unauthorized wireless access to its critical core network at 66 locations across the United States

Enterprise business highlights:

•Secured multi-million dollar contracts with TNT Express in Holland, Bergendahls in the Nordics, Stockholm City in the Nordics and Hermes in Germany

•Announced the industry’s most comprehensive service device management platform that helps maximize uptime, increase mobile worker productivity and reduce IT expenditures
Networks Financial Results

Financial results related to the portion of the company’s Networks business expected to be acquired by Nokia Siemens Networks in the first quarter of 2011 are reported as discontinued operations. For the Networks discontinued operations, sales were $939 million in the fourth quarter of 2010 and $3.4 billion for full-year 2010. GAAP earnings from discontinued operations totaled $86 million in the fourth quarter of 2010 and $379 million for full-year 2010.

First-Quarter 2011 Outlook

Motorola Solutions’ outlook for the first quarter of 2011 is for sales growth of 3-4 percent over the first quarter of 2010 and earnings per share from continuing operations of .29 to .34 per share. Earnings per share is based on approximately 340 million diluted shares outstanding. This outlook excludes the portion of the Networks business expected to be acquired by Nokia Siemens Networks in the first quarter of 2011, the Motorola Mobility business that was separated from Motorola Solutions on Jan. 4, 2011, as well as stock-based compensation expense, intangible assets amortization expense and charges associated with items of the variety typically highlighted by the company in its quarterly earnings releases.

Motorola, Inc. Consolidated GAAP Results

The following results reflect Motorola, Inc.’s consolidated fourth-quarter results prior to its Jan. 4, 2011 distribution of Motorola Mobility Holdings, Inc. and its name change to Motorola Solutions, Inc.

- end -

Also read....

Motorola announces fourth-quarter and full-year 2009 financial results

Motorola announces First-Quarter 2010 financial results

....more from International Telecom, click here