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Motorola Solutions raises annual revenue and profit above estimates on strong demand for its security services
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Motorola Solutions raises annual revenue and profit above estimates on strong demand for its security services
Aug 1, 2024 2:46 PM

Aug 1 (Reuters) - Motorola Solutions ( MSI ) raised its

full-year revenue and profit forecast and beat quarterly results

on Thursday, as it sees robust demand for its safety and

enterprise security services.

Motorola provides public safety solutions to governments and

private entities for shortening response times in emergencies

and also to plug security holes.

The company's biggest customers are the U.S. government and

home office of the United Kingdom.

Motorola's shares rose 1.33% in extended trading.

The Chicago, Illinois-based company provides critical

communications gear such as walkie-talkies, video surveillance

cameras and software services to help communities served by

governments and businesses during emergencies.

Motorola now expects full-year 2024 revenue to grow about 8%

and sees adjusted earnings per share in the range $13.22 and

$13.30. It had earlier forecast about 7% revenue growth and per

share profit of $12.98 and $13.08.

The company expects third-quarter revenue to grow 7% to 8%,

compared with analysts' average estimate of 6.3% growth.

It forecast adjusted earnings per share of $3.32 to $3.37

per share which is above analysts' expectation of $3.32.

Motorola revenue for the quarter ended June 30 stood at

$2.63 billion, compared with market estimates of $2.59 billion,

and adjusted profit was $3.24 per share, above estimates of

$3.01 per share.

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