The segment’s backlog was up $601 million to $4.7 billion, primarily due to high LMR demand in North America and the International markets. Net sales from Products and Systems Integration increased to $1,303 million from $1,103 million in the year-ago quarter, driven by higher demand for LMR and video security solutions. Acquisitions contributed $42 million to revenues, while foreign exchange headwinds were $45 million. International revenues were up 15.7% to $679 million, as growth in video security products, LMR and command center software was partially offset by adverse foreign currency impact.
Region-wise, quarterly revenues were up 14.3% in North America to $1,492 million due to growth in LMR, command center soft and video security products. The top line beat the consensus estimate of $2,125 million.
The company witnessed strong demand for video security, command center software and LMR (land mobile radio) services. Quarterly net sales were record high at $2,171 million, up 14.7% year over year, with solid sales in both segments due to growth in North America driven by the strength of its business model and the value of its mission-critical integrated ecosystem. price-consensus-eps-surprise-chart | Motorola Solutions, Inc. The bottom line beat the Zacks Consensus Estimate by 16 cents. The year-over-year improvement, despite the higher cost of sales, was primarily attributable to top-line growth.Įxcluding non-recurring items, non-GAAP earnings in the quarter were $384 million or $2.22 per share compared with $294 million or $1.70 in the year-ago quarter.
On a GAAP basis, net earnings in the first quarter were $278 million or $1.61 per share compared with $267 million or $1.54 per share in the year-earlier quarter. The company expects this growth momentum to continue in the impending quarters. In addition, Motorola achieved record first-quarter sales and a quarter-ending backlog despite supply chain headwinds, which further exemplified the strength of its portfolio. Both adjusted earnings and revenues surpassed the respective Zacks Consensus Estimate. ( MSI Quick Quote MSI - Free Report) reported strong first-quarter 2023 results, driven by the diligent execution of operational plans and healthy growth dynamics backed by solid order trends.
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