CHICAGO - Motorola Solutions, Inc. (NYSE:MSI) reported strong second-quarter results that surpassed analyst expectations, prompting the company to raise its full-year guidance. The telecommunications equipment provider saw robust growth across its product lines, particularly in its Products and Systems Integration segment.
Motorola Solutions posted adjusted earnings per share of $3.24 for the second quarter, exceeding the analyst consensus of $3.01. Revenue for the period reached $2.63 billion, surpassing estimates of $2.59 billion and marking a 9% increase YoY.
The company's Products and Systems Integration sales grew by 15%, while Software and Services sales remained flat but rose 11% when excluding U.K. Home Office sales.
Greg Brown, chairman and CEO of Motorola Solutions, stated, "Our second quarter was excellent, with strong growth in all three technologies and record Q2 sales and operating earnings. Our strong ending backlog and business momentum entering the second half of the year position us well for continued growth."
Looking ahead, Motorola Solutions raised its full-year 2024 outlook. The company now expects revenue growth of approximately 8%, up from its previous guidance of 7%. It also increased its non-GAAP EPS forecast to between $13.22 and $13.30 per share, compared to the earlier projection of $12.98 to $13.08.
For the third quarter of 2024, Motorola Solutions anticipates revenue growth between 7% and 8% compared to the same period last year, with non-GAAP EPS projected to be in the range of $3.32 to $3.37.
The company's operating cash flow for the second quarter improved to $180 million, an increase of $87 million compared to the previous year.
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