Shep DunlapThank you, and good morning. Welcome to our conference call to present Motorola Solutions Third Quarter Results. With me this morning are Greg Brown, Chairman and Chief Executive Officer; Ed Fitzpatrick, Executive Vice President and CFO; and Mark Moon, Executive Vice President, Sales and Field Operations. Greg and Ed will review our third quarter results along with commentary, and Mark will join us for Q&A. I would like to point out that the results Greg and Ed will highlight in their prepared remarks refer to continued operations and exclude our point-to-point Orthogon and point-to-multipoint Canopy business units, which are now included in discontinued operations as a result of our previously announced sale of these business units during Q3. We have posted an accompanying earnings presentation and press release at motorolasolutions.com/investor. In addition, we have posted updated pro forma non-GAAP financials that reflect the recent move of Orthogon and Canopy to discontinued operations. I encourage you to review these materials. A number of forward-looking statements will be made during this presentation. Forward-looking statements are any statements that are not historical facts. These forward-looking statements are based on the current expectations of Motorola Solutions, and we can give no assurance that any future results or events discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Forward-looking statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this presentation. I would like to now turn the call over to Greg. Gregory Q. Brown Thanks, Shep. Good morning, and thank you for joining us today. Motorola Solutions delivered a great third quarter and our results were strong in almost every dimension that we measure. In fact, it was a record performance for a third quarter in sales, operating earnings and operating margin.
Highlights for the quarter included growth in all regions, continued strength in Enterprise, better than expected Government growth, improved operating leverage and significant return of capital to our shareholders. This also marked another quarter of accomplishments that demonstrate our innovation and commitment to deliver the best mission-critical solutions to our public safety and enterprise customers.This morning, we reported sales in the third quarter of $2.1 billion, an increase of 10% from Q3 of last year. On a GAAP basis, net earnings were $0.45 per share from continuing operations, compared to a $0.04 loss in the year-ago quarter. Non-GAAP net earnings from continuing ops were $0.65 per share, compared to $0.54 per share in Q3 of last year, a 20% increase. Our Government business revenues increased 9% as we saw growth across all regions, especially within Asia and Latin America as customers continue to deploy our public safety solutions. Non-GAAP operating earnings in the Government business grew 27% due to the strength in sales and continued expense management. In our Enterprise business, sales increased 13% from the year-ago quarter as companies continue to deploy our products and solutions further into their organizations to improve productivity, operational excellence and improve the customer experience. Last quarter, we emphasized the priority we placed on capital return. During the quarter, we returned $744 million in cash to shareholders through share repurchases. And earlier this month, we made our initial dividend payment of $0.22 per share. I'll now turn the call over to Ed to discuss our financial results, then return to discuss operational highlights and provide additional thoughts on our business performance. Edward J. Fitzpatrick Thanks, Greg. As Greg mentioned, our Q3 sales reflected across-the-board strength in all regions. Along with strong revenue growth, we had great profitability and operating margin performance while continuing appropriate level of investment in the business.
Revenue growth continued in our Government business with third quarter sales of $1.4 billion, an increase of 9% from the prior year. Enterprise business delivered another excellent quarter as the segment grew 13% to $726 million, driven by strength in enterprise mobile computing and our wireless LAN portfolio.Read the rest of this transcript for free on seekingalpha.com