Motorola Solutions raises annual revenue and profit above estimates on strong demand for its security services
7:05 pm Thursday, August 01st, 2024
(Reuters) – Motorola Solutions raised its full-year revenue and profit forecast and beat quarterly results on Thursday, as it sees robust demand for its safety and enterprise security services. Motorola provides public safety solutions to governments and private entities for shortening response times in emergencies and also to plug security holes.
The company’s biggest customers are the U.S. government and home office of the United Kingdom.
Motorola’s shares rose 1.33% in extended trading. The Chicago, Illinois-based company provides critical communications gear such as walkie-talkies, video surveillance cameras and software services to help communities served by governments and businesses during emergencies.
Motorola now expects full-year 2024 revenue to grow about 8% and sees adjusted earnings per share in the range $13.22 and $13.30. It had earlier forecast about 7% revenue growth and per share profit of $12.98 and $13.08. The company expects third-quarter revenue to grow 7% to 8%, compared with analysts’ average estimate of 6.3% growth.
It forecast adjusted earnings per share of $3.32 to $3.37 per share which is above analysts’ expectation of $3.32.
Motorola’s revenue for the quarter ended June 30 stood at $2.63 billion, compared with market estimates of $2.59 billion, and adjusted profit was $3.24 per share, above estimates of $3.01 per share.
(This story has been refiled to fix formatting)
(Reporting by Juby Babu in Mexico City and Priyanka.G in Bengaluru; Editing by Mohammed Safi Shamsi)
