Motorola continued to strengthen its balance sheet, generating operating cash flow of approximately US$ 700 million, its 21st consecutive quarter of positive operating cash flow. In addition, the company significantly accelerated its stock repurchase program during the quarter and repurchased approximately 37 million shares of its stock for approximately US$ 815 million.
“We are very pleased about our results, which set a record for first-quarter sales and, excluding the significant items highlighted above, would have also been a record for first-quarter earnings. The company continues to profitably grow revenue and market share,” said Ed Zander, chairman and CEO. “Our compelling products and solutions are advancing our vision of seamless mobility. In order to further build on this success, we announced a streamlined corporate structure to improve efficiency and reduce costs as well as an agreement to sell Motorola’s automotive business. With a sharpened strategic focus, Motorola is well-positioned for growth and success.”
Operating Results Mobile Devices Segment sales were US$ 6.4 billion, up 45 percent compared with the year-ago quarter. Operating earnings increased to US$ 702 million, compared with operating earnings of $440 million in the year-ago quarter. Motorola’s portfolio of market-leading innovations - “must have” designs that deliver “must do” experiences such as mobile music and mobile video - is enabling the company’s steady momentum in the global marketplace.
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