Telecom Lead America: Motorola Solutions’ Q4 2012 revenue increased 6 percent to $2.44 billion.
The communications gear maker’s quarterly profit rose 89 percent, boosted by higher government spending on public safety.
Net income from continuing operations rose to $336 million, or $1.18 per share, in the fourth quarter, from $177 million, or 54 cents per share, a year earlier.
Motorola Solutions said the fourth-quarter Government sales increased 10 percent from a year ago; up 12 percent for the full year.
Full-year sales were up 6 percent to $8.7 billion from 2011. For the full year, Government sales were up 12 percent and Enterprise sales declined 5 percent. These results include revenue for Psion, which was acquired on Oct. 1, 2012.
“It was another outstanding year for Motorola Solutions as we continued to deliver strong operational and financial results,” said Greg Brown, chairman and CEO of Motorola Solutions. “We strengthened our product portfolio, expanded operating margins, generated $1.1 billion in operating cash and returned $2.7 billion in capital to our shareholders.”
| Fourth Quarter | Full Year | ||||||||||||
| 2012 | 2011 | Change | 2012 | 2011 | Change | ||||||||
| Total sales ($M) | $2,441 | $2,300 | 6% | $8,698 | $8,203 | 6% | |||||||
| GAAP operating earnings ($M) | $423 | $276 | 53% | $1,256 | $858 | 46% | |||||||
| Non-GAAP operating earnings ($M) | $476 | $444 | 7% | $1,503 | $1,373 | 9% | |||||||
| GAAP EPS from continuing operations | $1.18 | $0.54 | 119% | $2.95 | $2.20 | 34% | |||||||
| Non-GAAP EPS from continuing operations | $1.10 | $0.87 | 26% | $3.20 | $2.61 | 23% | |||||||
Government segment
Government segment sales were $1.7 billion, up 10 percent from the year-ago quarter. GAAP operating earnings were $346 million or 20.3 percent of sales compared to $226 million or 14.6 percent of sales in the year-ago quarter.
For the full year 2012, Government segment sales were $6.0 billion, up 12 percent from 2011. GAAP operating earnings were $1.0 billion or 16.1 percent of sales compared to $616 million or 11.5 percent of sales in 2011.
Enterprise segment
Enterprise segment sales were $733 million, down 3 percent from the year-ago quarter. Excluding Psion, sales were down 12 percent. GAAP operating earnings were $77 million or 10.5 percent of sales compared to $50 million or 6.6 percent of sales in the year-ago quarter.
For the full year 2012, Enterprise segment sales were $2.7 billion, down 5 percent from 2011. GAAP operating earnings were $291 million or 10.7 percent of sales compared to $242 million or 8.5 percent of sales in 2011.
