Motorola posts solid Q4 and fiscal 2003 earnings
this week reported net income for fourth quarter 2003 of $489 million—20 cents per share—nearly triple the $174 million—8 cents per share—the company posted in the same quarter one year ago. Sales for the quarter increased 4% from the year ago quarter, to $8.0 billion, which also represented a 17% gain from third quarter 2003.
For the full year, Motorola reported net income of $893 million—38 cents per share—compared to the $2.5 billion loss—$1.09 per share—reported for fiscal 2002. Motorola reported full-year 2003 sales of $27.1 billion, essentially flat compared to the $27.3 billion reported for fiscal 2002.
The company’s Commercial, Government and Industrial Solutions sector reported GAAP (generally accepted accounting principles) operating income of $240 million in the fourth quarter, a 27% increase over the year-ago quarter. For the full year, CGIS posted GAAP operating earnings of $562 million, an 80% increase over fiscal 2002. Sales for the sector increased 5% year over year, to $1.2 billion, which also represented a 20% increase over third quarter 2003. The increase was attributed to “significant activity” in the sector’s government markets related to homeland-security initiatives. Full-year CGIS sales increased 10% compared to fiscal 2002, to $4.1 billion.