In our Enterprise business, sales declined 2% from the year-ago quarter, including an anticipated iDEN decline. We've seen this business impacted by a number of factors, including most notably a tougher macroeconomic environment, especially within Europe, coupled with foreign currency headwinds.
Let me spend a moment on capital allocation. During Q2, we paid $64 million in dividends and repurchased 439 million in stock, bringing the total repurchase amount to $2.9 billion since the program was announced approximately 12 months ago. One year ago, we initiated a dividend, authorized a repurchase program and introduced a capital allocation framework. Today, I'm pleased to announce that the Board of Directors has approved an increase in our quarterly cash dividend to $0.26 per share, an increase of 18%. In addition, our board has increased our share repurchase authorization by $2 billion, bringing the total to $5 billion.
These announcements reflect the continued confidence we have in our business, as well as our earnings growth and cash flow generation opportunities. Ed will speak more on this topic later in the call. I'll now turn it over to Ed Fitzpatrick to discuss our financial results in more detail. I'll then return to discuss operational highlights and provide additional commentary and perspective on our overall business performance.
Edward J. FitzpatrickThanks, Greg. Q2 was another strong quarter of earnings growth and cash flow generation for MSI. Along with revenue growth of 8%, our focus on operating leverage yielded an increase in operating earnings of 15% compared to last year despite an $11 million increase in U.S. regular pension expense and $20 million of unfavorable FX impact to operating margins. The unfavorable FX impact was driven primarily by the weakening euro.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV