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Mar 30, 2024
Motorola Q1 2024 Earnings Report
Motorola Solutions reported strong Q1 2024 results, raising full-year revenue and earnings outlook.
Key Takeaways
Motorola Solutions reported a strong first quarter with a 10% increase in sales to $2.4 billion, driven by growth in both Products and Systems Integration and Software and Services segments. The company raised its full-year revenue and earnings outlook following these results.
Sales reached $2.4 billion, a 10% increase year-over-year, with Products and Systems Integration up 14% and Software and Services up 4%.
GAAP earnings per share (EPS) was ($0.23), including a ($3.42) loss from settlement accounting for the Silver Lake convertible debt.
Non-GAAP EPS was $2.81, a 27% increase compared to the previous year.
The company achieved a record Q1 operating cash flow of $382 million, up $390 million year-over-year, and a record ending backlog of $14.4 billion, up 2% year-over-year.
Revenue by Segment
Forward Guidance
The company expects revenue growth between 7% and 8% for the second quarter of 2024, and non-GAAP EPS in the range of $2.97 to $3.02 per share. For the full year 2024, the company now expects revenue growth of approximately 7% and non-GAAP EPS of between $12.98 and $13.08 per share.
Positive Outlook
- Revenue growth expected between 7% and 8% for Q2 2024.
- Non-GAAP EPS expected in the range of $2.97 to $3.02 per share for Q2 2024.
- Full-year 2024 revenue growth expected to be approximately 7%.
- Full-year 2024 non-GAAP EPS expected to be between $12.98 and $13.08 per share.
- Assumes approximately 170 million fully diluted shares and a non-GAAP effective tax rate of approximately 24%.
Challenges Ahead
- Guidance does not quantitatively reconcile forward-looking non-GAAP metrics to their most comparable GAAP measures.
- Reconciling items could significantly impact the company’s results.
- Assumes approximately $30 million of foreign exchange headwinds.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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