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Motorola Solutions Reports Second-Quarter 2012 Financial Results
Posted: 25-Jul-2012 [Source: Motorola Solutions, Inc.]

[Motorola Solutions, Inc. (MSI) announced today its second-quarter 2012 results highlighted by sales of $2.1 billion, up 8 percent from the second quarter of 2011 driven by strong worldwide demand in its Government segment.]

Schaumburg, Ill -- Motorola Solutions, Inc. (MSI):

Increases quarterly cash dividend by 18 percent to $0.26 per share

Expands share repurchase program by $2.0 billion to $5.0 billion

Sales of $2.1 billion, up 8 percent from a year ago

Government sales of $1.5 billion, up 14 percent from a year ago

Motorola Solutions, Inc. (MSI) announced today its second-quarter 2012 results highlighted by sales of $2.1 billion, up 8 percent from the second quarter of 2011 driven by strong worldwide demand in its Government segment.

In addition, the company announced today that its board of directors has increased its regular quarterly cash dividend by 18 percent to $0.26 per share. The next quarterly dividend will be payable on Oct. 15, 2012, to stockholders of record at the close of business on Sept. 14, 2012. As part of its continuing plan to return capital to shareholders, the company’s board also has authorized an additional $2.0 billion in share repurchases, with no expiration date. This increase is in addition to the $3.0 billion currently authorized, $2.9 billion of which has been utilized in the last 12 months. The company may continue to repurchase shares from time to time in the open market or in other privately negotiated transactions, subject to market conditions.

Greg Brown, chairman and CEO of Motorola Solutions, said: “Our strong revenue and earnings growth continues to demonstrate the strength and resiliency of our business. We also are pleased to continue to return capital to our shareholders through an increased dividend and expanded share repurchase program.”

GAAP operating earnings in the second quarter of 2012 were $278 million or 12.9 percent of sales, compared to $159 million or 8 percent of sales in the second quarter of 2011. GAAP earnings per share (EPS) from continuing operations was $0.60, compared to $0.14 in the second quarter of 2011.

Non-GAAP operating earnings in the second quarter of 2012 were $350 million or 16.3 percent of sales, compared to $304 million or 15.3 percent of sales in the second quarter of 2011. Non-GAAP EPS from continuing operations was $0.70, compared to $0.54 in the second quarter of 2011. Non-GAAP financial information excludes after-tax expense of approximately $0.10 per diluted share related to stock-based compensation expense, intangible assets amortization expense and highlighted items. Details on these Non-GAAP adjustments and the use of Non-GAAP measures are included later in this press release.

During the second quarter of 2012, the company generated $254 million in operating cash flow from continuing operations. Additionally, the company repurchased $439 million in shares, paid $64 million in dividends and ended the quarter with total cash*** of $3.7 billion.

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