UPDATE: Motorola Solutions Posts Drop In Q1 Profit

Motorola Solutions

reported a drop in its first-quarter net earnings. Motorola Solutions posted its quarterly earnings of $127 million, or $0.49 per share, down from $192 million, or $0.68 per share, in the year-ago quarter. Its revenue declined 8.7% to $1.80 billion versus $1.97 billion. Its adjusted earnings fell to $0.50 per share from $0.66 per share. However, analysts were projecting earnings of $0.50 per share on revenue of $1.83 billion. Government segment sales fell 11% to $1.2 billion, while enterprise segment sales slipped 4% to $600 million. Greg Brown, chairman and CEO, Motorola Solutions said, “First quarter sales results were below expectations due to lower order volume in both Enterprise and North America Government.” Motorola Solutions projects Q2 adjusted earnings of $0.58 to $0.64 per share on sales decline of 5% to 8%. Analysts expected Q2 earnings of $0.85 per share. Motorola Solutions shares gained 0.24% to close at $63.58 yesterday.