Motorola currently has a Zacks Rank #3 (Hold).
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The company expects strong demand across LMR products, the video security portfolio, services and software while benefiting from a solid foundation. Motorola is poised to gain from disciplined capital deployment and a strong balance sheet position. Non-GAAP earnings for 2023 are currently expected in the $11.40-$11.48 per share range, up from $11.21-$11.29 on year-over-year higher revenues of $9.875 billion to $9.9 billion, up from $9.725 billion to $9.775 billion estimated earlier, with a rise in both segments on higher demand.įor third-quarter 2023, non-GAAP earnings are expected in the $2.99-$3.04 per share range on year-over-year revenue improvement of approximately 6% due to healthy demand trends. With solid quarterly results and robust demand patterns, the company raised its earlier guidance for 2023. As of Jun 30, 2023, MSI had $710 million of cash and cash equivalents with $6,015 million of long-term debt. The company repurchased $224 million worth of stock during the second quarter.
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Free cash flow in the second quarter was $40 million. Motorola generated $93 million cash from operating activities in the reported quarter compared with an operating cash flow of $10 million a year ago. Non-GAAP operating earnings for Software and Services were $356 million, up 15% year over year, for a non-GAAP operating margin of 36.9%. Non-GAAP operating earnings for Products and Systems Integration were up 52% to $285 million for a margin of 19.8%. The increase in GAAP operating margin despite higher operating expenses, owing to inflated direct material costs and acquisitions, was due to higher sales. Overall GAAP operating margin was 21.6%, up from 16.7%, while non-GAAP operating margin was 26.7% compared with 23.2% in the year-ago quarter. The company ended the quarter with a record backlog of $14.3 billion, up $856 million year over year. GAAP operating earnings increased to $518 million from $358 million in the prior-year quarter, while non-GAAP operating earnings were up to $641 million from $497 million.
The segment’s backlog increased $360 million to $9.5 billion, primarily due to higher multi-year software and services contracts in North America, partially offset by revenue recognition for the Airwave contract, unfavorable currency rates and a reduction related to the exit from the ESN contract. The segment revenues exceeded our estimates of $956.8 million. Net sales from Software and Services were up 13% to $966 million, with solid performance across command center software, LMR and video security services. The segment’s backlog was up $496 million to $4.8 billion, primarily due to high LMR demand in North America and the International markets. It also exceeded our revenue estimates of $1,399.4 million. Net sales from Products and Systems Integration increased to $1,437 million from $1,285 million in the year-ago quarter, driven by higher demand for LMR and video security solutions. Acquisitions contributed $20 million to revenues, while foreign exchange headwinds were $23 million. International revenues were up 16.2% to $762 million, as growth in video security products, LMR and command center software was partially offset by adverse foreign currency impact.
Region-wise, quarterly revenues were up 10.6% in North America to $1,641 million due to growth in LMR, command center soft and video security products.
The top line beat the consensus estimate of $2,357 million. The company witnessed strong demand for video security, command center software and LMR (land mobile radio) services. Quarterly net sales were $2,403 million, up 12.3% year over year, with solid sales in both segments across all regions driven by the strength of its business model and the value of its mission-critical integrated ecosystem. price-consensus-eps-surprise-chart | Motorola Solutions, Inc. The bottom line beat the Zacks Consensus Estimate by 14 cents. The year-over-year improvement, despite the higher cost of sales, was primarily attributable to top-line growth.Įxcluding non-recurring items, non-GAAP earnings in the quarter were $458 million or $2.65 per share compared with $354 million or $2.07 in the year-ago quarter. On a GAAP basis, net earnings in the second quarter were $371 million or $2.15 per share compared with $228 million or $1.33 per share in the year-earlier quarter. The company expects this growth momentum to continue. In addition, Motorola achieved record second-quarter orders and a quarter-ending backlog despite supply chain headwinds, which further exemplified the strength of its portfolio. Both adjusted earnings and revenues surpassed the respective Zacks Consensus Estimate. MSI reported strong second-quarter 2023 results, driven by the diligent execution of operational plans and healthy growth dynamics backed by solid order trends.
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