Thu, Aug 1, 9:04 PM (88 days ago)
Motorola Solutions, Inc. reported robust financial performance for the quarter ended June 29, 2024. Key highlights include: - **Net Sales**: Increased by 9% year-over-year to $2.63 billion, driven by a 15% rise in the Products and Systems Integration segment and a slight increase in Software and Services. - **Operating Earnings**: Rose to $644 million from $518 million in the previous year, reflecting a 24% increase. - **Net Earnings**: Attributable to Motorola Solutions, Inc. were $443 million, or $2.60 per diluted share, compared to $371 million, or $2.15 per diluted share, in the same period last year. - **Cash Flow**: Operating cash flow surged to $562 million from $85 million, aided by higher earnings and improved working capital. - **Debt and Financing**: Repurchased $1 billion of convertible debt from Silver Lake Partners and issued $1.3 billion in new senior notes. Total debt stood at $6.3 billion, with $565 million classified as current. - **Shareholder Returns**: Repurchased $110 million of common stock and paid $326 million in dividends. - **Segment Performance**: Products and Systems Integration saw significant growth in LMR and Video sales, while Software and Services experienced growth in Video and Command Center, offset by a reduction in LMR services due to regulatory changes and contract exits. The company also highlighted recent acquisitions and ongoing legal proceedings which could impact future operations.