matched Wall Street's expectations with its quarterly report after the bell, and the company offered generally upbeat numbers for the rest of the fiscal year.
The company reported sales of $6.04 billion in the first quarter and earnings of $169 million, or 7 cents a share, when calculated according to generally accepted accounting principles. A year ago, the company posted sales of $6.18 billion and a loss of $449 million, or 20 cents a share.
Excluding special items, Motorola reported first-quarter earnings of $21 million, or 1 cent a share, compared with a loss of $184 million, or 8 cents a share, in the year-ago quarter. The company recorded a gain of $148 million in the latest first quarter, primarily related to the sale of some of its
shares. Motorola took charges of $265 million in the first quarter of 2002.
Analysts polled by First Call were looking for earnings of 1 cent per share, before items, and a top line of $6.06 billion.
The company now expects sales of $6.4 billion to $6.6 billion and GAAP earnings of 1 cent to 3 cents a share, or 3 cents to 5 cents excluding items, in the second quarter. For the full year, Motorola forecast sales of $27.5 billion to $28 billion and earnings of 35 cents to 40 cents a share, on both a GAAP basis and excluding special items.
Analysts expect second-quarter earnings of 7 cents and sales of $6.48 billion. For the year, analysts are looking for earnings of 35 cents and sales of almost $27 billion.
Shares of Motorola rose 56 cents, or 7.1%, to $8.50 in extended trading.
"In our planning, we expect each of our six major segments to have positive operating earnings in 2003 and to generate positive operating cash flow," the company said in a press release. "Our objective is that 2003 will produce the next positive phase of our turnaround."
Personal communications segment sales reached $2.4 billion, up 2% compared with the year-ago quarter. Orders declined 6% to $2.5 billion. Handset shipments for the first quarter totaled 16.7 million, up 18% from the year-ago quarter. The company's semiconductor products segment posted sales of $1.2 billion, up 2% from a year ago. Orders fell 16% to $1.1 billion.