Motorola Solutions Reports First-Quarter 2021 Financial Results - Double Gigit Growth in Video Security, Command Center Software and LMR Services
Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the first quarter of 2021.
"Q1 was an outstanding quarter, with record first-quarter revenue, operating earnings, cash flow and ending backlog,” said Greg Brown, chairman and CEO of Motorola Solutions. “I’m very pleased with our double digit growth in video security, command center software and LMR services. This strong demand combined with our ending backlog position is driving our increased expectations for the full year.”
The company also announced that its board of directors has approved, subsequent to quarter end, a $2 billion increase to the share repurchase program, raising the total authorization since July 2011 to $16 billion. Under the company’s previously authorized $14 billion share repurchase program, approximately $479 million in repurchase authority remained at the end of the first quarter of 2021. The company may continue to repurchase shares from time to time in the open market or in other privately negotiated transactions, subject to market conditions.
NOTABLE WINS AND ACHIEVEMENTS
Software and Services
- $40+ million P25 services, upgrade and body-worn camera orders with Nashville, TN
- $35 million PTT over broadband multi-year contract with large U.S. customer
- $22 million P25 and PTT over broadband contract with large Middle Eastern customer
- $13 million body-worn camera orders with multiple U.K. customers
- $5 million command center software cloud suite contract with St. Lucie, FL
- Announced integration of V300 body-worn camera with APX P25 radio
Products and Systems Integration
- $300+ million TETRA frame agreement with German MOD; $154 million initial order received in Q1
- $72 million of video sales with government customers, up 32% year over year
- $37 million P25 upgrade order for government agency in Canada
- $33 million TETRA upgrade for large customer in Europe
- $12 million P25 order with large U.S. federal customer
Second-quarter 2021 - Motorola Solutions expects revenue growth of 19% to 20% compared to the second quarter of 2020. The company expects non-GAAP earnings per share in the range of $1.90 to $1.95. This assumes current foreign exchange rates, approximately 173 million fully diluted shares, and an effective tax rate of 23% to 24%.
Full-year 2021 - Motorola Solutions now expects revenue growth of 8% to 9%, up from the prior guidance of growth of 7.25% to 8%, and non-GAAP earnings per share in the range of $8.70 to $8.80, up from the prior guidance of $8.50 to $8.62. This assumes current foreign exchange rates, approximately 173 million fully diluted shares, and an effective tax rate of 22.5% to 23%.