- Motorola Solutions press release ( NYSE: MSI ): Q4 Non-GAAP EPS of $3.60 beats by $0.17 .
- Revenue of $2.71B (+16.8% Y/Y) beats by $180M .
- Products and Systems Integration sales grew 21% in Q4; up 14% for full year
- Software and Services sales grew 9% in Q4; up 8% for full year
- Record backlog of $14.3 billion, up $788 million or 6% versus a year ago
- Generated record $1.3 billion of operating cash flow in Q4; $1.8 billion for full year.
- The company ended the year with record backlog of $14.3 billion, up $788 million from the prior year. Products and Systems Integrations segment backlog was up 22% or $894 million driven by record LMR product orders. Software and Services segment backlog was down 1% or $106 million, primarily driven by revenue recognition for the Airwave and ESN contracts, $367 million of unfavorable currency rates, and a reduction relating to the exit from the ESN contract, partially offset by growth in multi-year software and services contracts in North America.
- Q1 2023 Outlook: The company expects revenue growth between 12% and 13% compared to the first quarter of 2022. The company expects non-GAAP earnings per share in the range of $2.02 to $2.07 per share. This assumes approximately $40 million in foreign exchange headwinds, approximately 172 million fully diluted shares, and an effective tax rate of approximately 23%.
- 2023 Outlook: The company expects revenue in the range of $9.65 billion to $9.7 billion and non-GAAP earnings per share in the range of $11.10 to $11.22 per share. This assumes approximately $40 million in foreign exchange headwinds, approximately 172 million fully diluted shares and a non-GAAP effective tax rate of 23% to 24.
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Motorola Solutions Non-GAAP EPS of $3.60 beats by $0.17, revenue of $2.71B beats by $180M