Record Fourth-Quarter and Full-Year Sales and Operating Earnings
Fourth-quarter and full-year sales up 6 percent from a year ago
Fourth-quarter Government sales up 10 percent from a year ago; up 12 percent for the full year
Fourth-quarter GAAP earnings per share (EPS) from continuing operations* up 119 percent from a year ago; up 34 percent for the full year
Fourth-quarter Non-GAAP** EPS from continuing operations up 26 percent from a year ago; up 23 percent for the full year
Repurchased $326 million of shares in the quarter; $2.4 billion for the full year
Generated $564 million in operating cash flow during the quarter; $1.1 billion for the full year

SCHAUMBURG, Ill. – Jan. 23, 2013 – Motorola Solutions, Inc. (NYSE: MSI) announced today its fourth-quarter and full-year 2012 results highlighted by fourth-quarter sales of $2.4 billion, up 6 percent from the fourth quarter of 2011, and full-year sales of $8.7 billion, up 6 percent from 2011. For the full year, Government sales were up 12 percent and Enterprise sales declined 5 percent. These results include revenue for Psion, which was acquired on Oct. 1, 2012.


“It was another outstanding year for Motorola Solutions as we continued to deliver strong operational and financial results,” said Greg Brown, chairman and CEO of Motorola Solutions. “We strengthened our product portfolio, expanded operating margins, generated $1.1 billion in operating cash and returned $2.7 billion in capital to our shareholders.”

GAAP operating earnings in the fourth quarter of 2012 were $423 million or 17.3 percent of sales, compared to $276 million or 12 percent of sales in the fourth quarter of 2011. GAAP earnings per share from continuing operations were $1.18, compared to $0.54 in the fourth quarter of 2011. For the full year 2012, GAAP operating earnings were $1.3 billion or 14.4 percent of sales, compared to $858 million or 10.5 percent of sales in 2011. GAAP earnings per share from continuing operations were $2.95, compared to $2.20 in 2011.

Non-GAAP operating earnings in the fourth quarter of 2012 were $476 million or 19.5 percent of sales, compared to $444 million or 19.3 percent of sales in the fourth quarter of 2011. Non-GAAP earnings per share from continuing operations were $1.10, compared to $0.87 in the fourth quarter of 2011. Non-GAAP financial information excludes after-tax net income of approximately $0.08 per diluted share related to stock-based compensation, intangible amortization and highlighted items. Details on these Non-GAAP adjustments and the use of Non-GAAP measures are included later in this press release. For the full year 2012, Non-GAAP operating earnings were $1.5 billion or 17.3 percent of sales, compared to $1.4 billion or 16.7 percent of sales in 2011. Non-GAAP earnings per share from continuing operations were $3.20, compared to $2.61 in 2011.

During the fourth quarter of 2012, the company generated $564 million in operating cash flow from continuing operations. The company ended the quarter with total cash*** of $3.6 billion while returning $399 million to shareholders through share repurchases and cash dividends during the quarter. The company repurchased 6.1 million shares of stock during the quarter and 49.6 million shares for the full year.

Government segment sales were $1.7 billion, up 10 percent from the year-ago quarter. GAAP operating earnings were $346 million or 20.3 percent of sales compared to $226 million or 14.6 percent of sales in the year-ago quarter. Non-GAAP operating earnings were $373 million or 21.8 percent of sales compared to $307 million or 19.8 percent of sales in the year-ago quarter.

For the full year 2012, Government segment sales were $6.0 billion, up 12 percent from 2011. GAAP operating earnings were $1.0 billion or 16.1 percent of sales compared to $616 million or 11.5 percent of sales in 2011. Non-GAAP operating earnings were $1.1 billion or 18.5 percent of sales compared to $833 million or 15.5 percent of sales in 2011.

Government highlights:

Secured multimillion dollar contracts with U.S. customers such as cities of Austin, Texas; El Paso, Texas; Elgin, Ill.; and Tacoma, Wash.; Clayton County in Georgia; Camden County in New Jersey; Onslow County in North Carolina; Montgomery County in Pennsylvania; and Prince William County in Virginia
Secured multimillion dollar contracts with international customers such as Hampshire Police in the U.K.; State of Brandenburg, Germany; Rosenergoatom nuclear power operations in Russia; Middle East Radio Communications in Egypt; Communication Authority of Thailand; Shanghai Metro, Shanxi Police and Guangdong Police in China; the Brazilian Army; Colombia Ministry of Defense; Ecopetrol Andean Pipeline in Colombia; Panama Ministry of Public Safety; Pemex in Mexico; and Peru National Police
Introduced three new TETRA mobile radios that give customers a choice of different form factors and capabilities to provide frontline workers with a reliable communications lifeline and faster access to mission-critical intelligence
Enterprise segment sales were $733 million, down 3 percent from the year-ago quarter. Excluding Psion, sales were down 12 percent. GAAP operating earnings were $77 million or 10.5 percent of sales compared to $50 million or 6.6 percent of sales in the year-ago quarter. Non-GAAP operating earnings were $103 million or 14.1 percent of sales compared to $137 million or 18.2 percent of sales in the year-ago quarter.

For the full year 2012, Enterprise segment sales were $2.7 billion, down 5 percent from 2011. GAAP operating earnings were $291 million or 10.7 percent of sales compared to $242 million or 8.5 percent of sales in 2011. Non-GAAP operating earnings were $395 million or 14.6 percent of sales compared to $540 million or 19.0 percent of sales in 2011.

Enterprise highlights:
Secured contracts with key customers such as Target, Best Buy Canada, The Home Depot, Ferguson Enterprises, Grupo Bimbo, Volkswagen Mexico, Norwegian Post, Poste Italiane, easyJet in the U.K., Aeon Technology in China and Daito Kentsku Construction in Japan
Named Best Partner Supplier for the second year in a row by Tesco and also received the retailer’s Innovation Partner of the Year award
Started shipping the Motorola SB1 smart badge device, which helps retailers affordably equip everyone in their organizations with a smart, wearable, cost-efficient, mobile device, as well as the MC40, a sleek, user-friendly mobile device that provides retail associates access to product information and availability, data collection, mobile point-of-sale capability and voice without ever leaving the customer’s side
First-Quarter and Full-Year Outlook

Motorola Solutions’ outlook for the first quarter of 2013 is for revenue growth of 4 to 5 percent compared with the first quarter of 2012 and Non-GAAP earnings per share from continuing operations of $0.62 to $0.67 per share. For the full-year 2013, the company expects revenue growth of approximately 5 to 5.5 percent compared with 2012 and Non-GAAP operating earnings of approximately 18 percent of sales. This outlook excludes stock-based compensation, intangible amortization and charges associated with items typically highlighted by the company in its quarterly earnings releases.

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