Motorola Solutions Reports Fourth-Quarter and Full-Year 2014 Financial Results

FOURTH-QUARTER HIGHLIGHTS

  • Fourth-quarter sales flat from a year ago, including $27 million of unfavorable foreign currency impact
  • North America sales grew 4 percent from a year ago, driven by record Product sales
  • Completed $4.2 billion U.S. pension de-risking transaction, including a $1.9 billion non-recurring charge, resulting in fourth-quarter GAAP loss per share from continuing operations* of $4.02
  • Non-GAAP** earnings per share (EPS) from continuing operations of $1.25 driven by North America sales growth and lower overall operating expenses
  • Returned $1.5 billion to shareholders in share repurchases and dividends in the quarter; $2.9 billion for the full year

SCHAUMBURG, Ill. — (BUSINESS WIRE) — February 4, 2015Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the fourth quarter and full year of 2014. Click here for a printable news release and financial tables.

SUPPORTING QUOTE

“Our fourth-quarter results demonstrate a solid finish to a transformational year,” said Greg Brown, chairman and CEO of Motorola Solutions. “The business continues to show signs of improvement, driven by growth in North America and significantly higher backlog. Our ongoing progress to simplify our organization and rationalize our cost structure will further position us for long-term success.”

KEY FINANCIAL RESULTS

         
  Fourth Quarter   Full Year
    2014   2013   Change   2014   2013   Change
Motorola Solutions, Inc.                        
    Sales ($M)   $1,823   $1,817   0%   $5,881   $6,227   -6%
GAAP                        
    Operating earnings (loss) ($M)   -$1,459   $325   -549%   -$1,006   $947   -206%
    Percent of sales   -80.0%   17.9%       -17.1%   15.2%    
    EPS from continuing operations   -$4.02   $1.12   -459%   -$2.84   $3.45   -182%
Non-GAAP                        
    Operating earnings ($M)   $483   $396   22%   $1,069   $1,156   -8%
    Percent of sales   26.5%   21.8%       18.2%   18.6%    
    EPS from continuing operations   $1.25   $1.37   -9%   $2.58   $3.86   -33%
                             

Segments

                       
Products                        
    Sales ($M)   $1,246   $1,212   3%   $3,807   $4,109   -7%
    GAAP operating earnings (loss) ($M)   -$944   $237   -498%   -$667   $639   -204%
    Percent of sales   -75.8%   19.6%       -17.5%   15.6%    
    Non-GAAP operating earnings ($M)   $394   $283   39%   $754   $775   -3%
    Percent of sales   31.6%   23.3%       19.8%   18.9%    
                         
Services                        
    Sales ($M)   $577   $605   -5%   $2,074   $2,118   -2%
    GAAP operating earnings (loss) ($M)   -$515   $88   -685%   -$339   $308   -210%
    Percent of sales   -89.3%   14.5%       -16.3%   14.5%    
    Non-GAAP operating earnings ($M)   $89   $113   -21%   $315   $381   -17%
    Percent of sales   15.4%   18.7%       15.2%   18.0%    
           

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