Motorola raises full-year forecasts on steady demand
07/11/2024 22:21
Nov 7 (Reuters) - Safety and enterprise security services provider Motorola Solutions
MSI.N raised its full-year revenue and profit forecasts on Thursday, as clients turn to the
firm for its security-focused telecommunication products.
Shares of the company were up over 2.5% in extended trading.
Government agencies and businesses' efforts to strengthen security and communication
infrastructure and prevent disruptions to operations caused by cyberattacks have benefited
Motorola.
Motorola provides critical communications gear like walkie-talkies, video-surveillance
cameras and software solutions, helping communities that the governments and businesses serve
during emergencies.
The U.S. government and home office of the United Kingdom are Motorola Solutions' largest
customers.
The Chicago-based company expects fiscal 2024 revenue growth of 8.25%, up from its earlier
forecast of about 8%. It sees adjusted per-share earnings in the range of $13.63 and $13.68,
also up from its earlier forecast of $13.22 to $13.30 per share.
Motorola's revenue for the third quarter ended Sept. 28 was $2.79 billion, while adjusted
profit was $3.74 per share. These compare to analysts' estimate for revenue of $2.76 billion and
adjusted profit of $3.38 per share, according to data compiled by LSEG.
(Reporting by Juby Babu in Mexico City; editing by Alan Barona)
((mailto:Juby.Babu@thomsonreuters.com))