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Motorola reports robust FQ4 earnings, analysts raise price target

2024.02.09 05:20


© Reuters. Motorola (MSI) reports robust FQ4 earnings, analyst raises price target

Motorola Solutions (NYSE:) reported better-than-anticipated earnings for the fiscal fourth quarter, however income got here in barely under estimates.

The telecom gear maker’s shares dropped 2.5% in after-hours buying and selling Thursday.

For FQ4, Motorola reported an EPS of $3.90, beating the estimated $3.64. The firm’s quarterly income was $2.8 billion, barely under the consensus estimate of $2.82 billion.

The agency’s Products and Systems Integration Segment reported gross sales of $1.89 billion, marking a 4.4% year-over-year improve and surpassing the estimated $1.85 billion.

The Software and Services Segment achieved gross sales of $958 million, a 6.9% improve YoY, assembly the consensus projection.

Motorola’s gross margin reached 51.1%, an enchancment from 49.9% the earlier yr and better than the anticipated 50.7%.

Looking forward to the primary quarter, the corporate expects EPS to be within the vary of $2.50 to $2.55, which is forward of the consensus estimate of $2.37.

For the total yr 2024, it guided EPS to vary from $12.62 to $12.71, in comparison with $12.68 anticipated by analysts.

“The robust development we achieved displays the continued robust demand for our security and safety options that assist shield individuals, property, and locations,” the corporate mentioned in a press release.

Commenting on the report, Jefferies analysts mentioned “business is firing on all cylinders,” reiterating its Buy ranking on the inventory and elevating the target price from $335 to $375.

“Further, we continue to see significant new catalysts with Federal stimulus dollars entering MSI’s sales funnel. Other opportunities include ongoing growth in Video, Command Center Software, and Services as well as the traditional PCR/LMR businesses,” they mentioned.

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