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DJ Motorola Solutions Ends Year With Record Backlog -- Earnings Review

· 02/04/2021 16:20

By Maria Armental

Motorola Solutions Inc. ended the year with a record backlog and said it expects revenue to return to growth this year, following better-than-expected results for the fourth quarter. Here's what you need to know:

PROFIT: Net income for the quarter surged to $412 million from $244 million a year earlier. On a per-share basis, profit was $2.37, or $2.86 as adjusted. The company projected an adjusted profit of $2.71 to $2.76.

REVENUE: Net sales for the quarter fell to $2.27 billion from $2.38 billion a year earlier. The company projected a 5.5% to 6% decline.

YEAR: Motorola Solutions ended the year at a profit of $949 million on $7.41 billion in revenue, compared with a profit of $868 million and $7.89 billion in revenue a year earlier.

BACKLOG: The company ended the year with a record backlog of $11.4 billion, up $175 million or 2% from a year ago.

OUTLOOK: The company expects $1.58 to $1.64 a share in adjusted profit for the first quarter and revenue to increase 5.5% to 6%, and $8.50 to $8.62 a share in adjusted profit for the year with revenue increasing 7.25% to 8%.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

February 04, 2021 16:20 ET (21:20 GMT)

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