Communications equipment maker Motorola Solutions, Inc. (MSI) posted an increase in its earnings for the first quarter, as sales edged up 1 percent. The company lowered its sales target growth for the full year 2013.
The company reported earnings from continuing operations $192 million or $0.68 a share, compared with $157 million or $0.50 a share in the year-ago quarter.
Adjusted earnings per share from continuing operations was $0.66. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.66 for the quarter. Analysts' estimates typically exclude one-time items.
For the first quarter, sales edged up 1 percent to $1.97 billion. Government sales were up 3 percent, while Enterprise sales were down 4 percent in the quarter. Analysts estimated revenues of $2.05 billion for the quarter.
For the next quarter, Motorola Solutions expects adjusted earnings per share from continuing operations of $0.66 - $0.71 per share, on revenues that are flat to down 2 percent. For the full-year 2013, the company now expects revenue growth of approximately 3 to 4 percent. This compares with its earlier projections for revenue growth of approximately 5 to 5.5 percent.
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