Motorola Solutions Reports Fourth-Quarter and Full-Year Financial Results

Company Achieves Record Q4 and Full-Year Sales and Earnings Per Share

  • Sales of $2.8 billion, up 5% from Q4 in the prior year; up 10% for full year
    • Products and Systems Integration sales grew 4% in Q4; up 9% for full year
    • Software and Services sales grew 7% in Q4; up 10% for full year
  • Generated $1.2 billion of operating cash flow in Q4; $2.0 billion for full year, up 12%
  • GAAP Q4 earnings per share (EPS) of $3.47, up 1%; $9.93 for full year, up 25%
  • Non-GAAP Q4 EPS* of $3.90, up 8% versus a year ago; $11.95 for full year, up 15%
  • Ending backlog of $14.3 billion, inclusive of record Products and Systems Integration backlog
  • Announced $2.0 billion increase to the share repurchase authorization
  • Acquired IPVideo, creator of the HALO Smart Sensor

CHICAGO — (BUSINESS WIRE) — February 8, 2024 — Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the fourth quarter and full year of 2023.

“2023 was an exceptional year, with record sales, earnings and operating cash flow,” said Greg Brown, Chairman and CEO of Motorola Solutions. “The strong growth we achieved reflects the continued robust demand for our safety and security solutions that help protect people, property and places. The momentum of our business is strong and I’m very pleased with our position for another year of revenue and earnings growth in 2024.”

KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)

 

Fourth Quarter

Full Year

 

Q4 2023

Q4 2022

% Change

2023

2022

% Change

Sales

$2,848

$2,706

5 %

$9,978

$9,112

10 %

GAAP

 

 

 

 

 

 

Operating Earnings

$738

$692

7 %

$2,294

$1,661

38 %

% of Sales

25.9 %

25.6 %

 

23.0 %

18.2 %

 

EPS

$3.47

$3.43

1 %

$9.93

$7.93

25 %

Non-GAAP*

 

 

 

 

 

 

Operating Earnings

$870

$822

6 %

$2,784

$2,368

18 %

% of Sales

30.5 %

30.4 %

 

27.9 %

26.0 %

 

EPS

$3.90

$3.60

8 %

$11.95

$10.36

15 %

Products and Systems Integration Segment

 

 

 

 

 

 

Sales

$1,890

$1,810

4 %

$6,242

$5,728

9 %

GAAP Operating Earnings

$492

$454

8 %

$1,244

$913

36 %

% of Sales

26.0 %

25.1 %

 

19.9 %

15.9 %

 

Non-GAAP Operating Earnings*

$567

$514

10 %

$1,518

$1,172

30 %

% of Sales

30.0 %

28.4 %

 

24.3 %

20.5 %

 

Software and Services Segment

 

 

 

 

 

 

Sales

$958

$896

7 %

$3,736

$3,384

10 %

GAAP Operating Earnings

$246

$238

3 %

$1,050

$748

40 %

% of Sales

25.7 %

26.6 %

 

28.1 %

22.1 %

 

Non-GAAP Operating Earnings*

$303

$308

(2) %

$1,266

$1,196

6 %

% of Sales

31.6 %

34.4 %

 

33.9 %

35.3 %

 


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