Motorola Solutions' Stellar Growth: Revenue and Profit Soar, Shares Up 3% in Extended Trading
- tech360.tv
- May 3, 2024
- 2 min read
Motorola Solutions raises full-year revenue forecast after strong quarterly results. Increased demand for security-focused telecommunication products drives positive outlook. Anticipated revenue growth of over 7% for full year 2024.
The company's better-than-expected quarterly results have prompted an increase in its revenue and profit forecast for the year, leading to a 3% rise in its shares during extended trading.
The demand for Motorola's security-focused telecommunication products has been robust, with the company's second-quarter top and bottomline projections surpassing Wall Street's expectations. This positive outlook reflects the increasing need for enhanced security and communication equipment among government bodies and businesses to mitigate potential disruptions.
Based in Chicago, Illinois, Motorola Solutions supplies critical communications gear such as walkie-talkies, video surveillance cameras, and software services to government agencies and businesses. Its largest customers include the U.S. government and the home office of the United Kingdom.
Looking ahead, Motorola anticipates revenue growth of over 7% for the full year 2024, exceeding its previous forecast of approximately 6%. The company also expects adjusted earnings per share to fall within the range of $12.98 to $13.08, compared to the earlier projection of $12.62 to $12.72.
For the current quarter ending in June, Motorola foresees a revenue increase of 7% to 8%, outperforming analysts' average estimate of 5.9% growth. Additionally, the company's forecasted adjusted earnings per share of $2.97 to $3.02 surpasses the expected $2.91.
In the first quarter, Motorola's sales reached $2.40 billion, a 10% increase compared to estimates of $2.35 billion. The company's adjusted profit also exceeded expectations, reaching $2.81 per share, surpassing the estimated 28 cents.
Motorola Solutions raises full-year revenue forecast after strong quarterly results
Increased demand for security-focused telecommunication products drives positive outlook
Anticipated revenue growth of over 7% for full year 2024
Source: REUTERS
