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Apr 01, 2023
Motorola Q1 2023 Earnings Report
Motorola's Q1 2023 financial results were reported, with the company raising its full-year revenue and earnings outlook due to record Q1 orders and backlog.
Key Takeaways
Motorola Solutions reported an exceptional first quarter with double-digit revenue growth across both segments and all three technologies. Record first-quarter sales, orders, and ending backlog have led to an increased revenue and earnings guidance for the full year.
Sales reached $2.2 billion, a 15% increase compared to the previous year.
GAAP earnings per share (EPS) were $1.61, up 5% year-over-year.
Non-GAAP EPS was $2.22, a 31% increase compared to the prior year.
The company achieved a record Q1 ending backlog of $14.1 billion, up 5% from the year before.
Motorola
Motorola
Motorola Revenue by Segment
Revenue by Segment
Products & Integration Revenue
CapyFin.comSoftware & Services Revenue
CapyFin.com Forward Guidance
Motorola Solutions expects revenue growth between 10% and 11% for the second quarter of 2023, compared to the second quarter of 2022, and non-GAAP EPS in the range of $2.49 to $2.54 per share. For the full year 2023, the company now expects revenue in the range of $9.725 billion to $9.775 billion and non-GAAP EPS of between $11.21 and $11.29 per share.
Positive Outlook
- Revenue growth expected between 10% and 11% for Q2 2023.
- Non-GAAP EPS expected in the range of $2.49 to $2.54 per share for Q2 2023.
- Full-year 2023 revenue expected in the range of $9.725 billion to $9.775 billion.
- Full-year 2023 non-GAAP EPS expected between $11.21 and $11.29 per share.
- Assumes approximately 173 million fully diluted shares and a non-GAAP effective tax rate of approximately 24% for Q2 2023.
Challenges Ahead
- The company has not quantitatively reconciled its guidance for forward-looking non-GAAP metrics to their most comparable GAAP measures.
- Certain items that impact these measures have not occurred, are out of the company’s control, or cannot be reasonably predicted.
- A reconciliation to the most comparable GAAP financial metric is not available without unreasonable effort.
- Unavailable reconciling items could significantly impact the company’s results.
- Outlook assumes approximately $25 million in foreign exchange headwinds for full year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income