Motorola Solutions profit more than triples, misses expectations

SHARE Motorola Solutions profit more than triples, misses expectations

Motorola Solutions Inc. on Tuesday reported net income that more than tripled in its second quarter but fell short of analysts’ expectations.

The Schaumburg-based company said profit rose to $824 million, or $3.22 per share, from $258 million, or 94 cents per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, came to 47 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.

The communications equipment maker said revenue decreased 7 percent to $1.39 billion from $1.5 billion in the same quarter a year earlier, below analysts’ expectations of $1.96 billion.

The company said it has increased its cost-reduction target to about $300 million by the end of 2015, up from $200 million. Motorola Solutions did not say how it would achieve the cost savings.

For the current quarter, Motorola Solutions expects adjusted earnings of 35 cents to 41 cents per share. Analysts are forecasting earnings of $1.01 per share, according to FactSet. The company also expects revenue to decline by 7 percent to 9 percent year-over-year. Analysts are expecting revenue of $2.12 billion, about the same as a year earlier.

THE ASSOCIATED PRESS

The Latest
The shooting happened about 6 p.m. in the 3300 block of West Flournoy Street.
In Game 1 of the best-of-three first-round series, Dolson hurt the Sky the way she used to help them win. She finished with 13 points and went 3-for-4 from behind the arc.
The Sky are the No. 2 seed and have the deepest roster in the league. They shouldn’t be in this situation, given the sacrifices and upgrades they made last offseason. Yet here they are, a game away from it all ending.
Danny Golden was released a month after the Beverly shooting that left him paralyzed. He was greeted by cheers from dozens of supporters and loved ones.
“It’s all about winning,” Andrus said before his first game in a White Sox uniform Friday at Cleveland