Motorola Solutions raises full-year revenue view after strong quarter, shares rise
02/05/2024 22:19
May 2 (Reuters) - Motorola Solutions MSI.N raised its
revenue and profit forecast for the full-year after posting
better-than-expected quarterly results on Thursday, sending its
shares up 3% in extended trading.
The company also forecast second-quarter top and bottomline
above Wall Street's expectations, signaling robust demand for
its security-focused telecommunication products.
Motorola has benefited from a push from government bodies
and companies to bolster their security and communication
equipment to avoid disruptions to their businesses from any kind
of attacks.
The Chicago, Illinois-based company provides critical
communications gear such as walkie-talkies, video surveillance
cameras and software services to government agencies and
businesses.
The U.S. government and home office of the United Kingdom
are its biggest customers.
Motorola now expects full-year 2024 revenue to grow above 7%
and sees adjusted per share earnings in the range $12.98 and
$13.08. It had earlier forecast about 6% revenue growth and per
share profit of $12.62 to $12.72.
In the current-quarter ending June, Motorola expects revenue
to grow 7% to 8%, compared with analysts' average estimate of
5.9% growth, according to LSEG data. Forecast adjusted earnings
per share of $2.97 to $3.02 are also above expectation of $2.91.
Company's sales for quarter ended March grew 10% to $2.40
billion above estimates of $2.35 billion, and adjusted profit
was 28 cents above estimates at $2.81 per share.
(Reporting by Juby Babu and Yuvraj Malik; Editing by Mohammed
Safi Shamsi)
((Juby.Babu@thomsonreuters.com;))