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October 28, 2010

Motorola sees sales growth of 13% in Q3 2010

Mobile Devices segment sales were $2bn, up 20% compared to previous year quarter

By CBR Staff Writer

Motorola has reported sales of $4.9bn in the third quarter of 2010, up 13% compared to $4.3bn in the third quarter a year ago.

The company said sales, including $871mn associated with discontinued operations, totaled $5.8bn, were up 6% from the year-ago period.

GAAP net earnings in the third quarter of 2010 were $109m, compared to $12m in the third quarter 2009, while on a non-GAAP basis, including discontinued operations, earnings in the third quarter of 2010 were $380m compared to $131m in the third quarter of 2009.

The company generated positive operating cash flow from continuing operations of $502m and ended the quarter with a total cash position of $9bn.

Motorola Mobility CEO Sanjay Jha said in the third quarter, Motorola Mobility showed positive momentum across the business, with Mobile Devices reaching profitability for the first time in over three years and Home continues to maintain its leadership position.

"Mobile Devices’ DROIDX continues to sell extremely well, and we have had several other successful smartphone launches globally, including the DROID 2, the MING series in China, as well as a well-received introduction of our enterprise-ready DROID PRO," Jha said.

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Motorola Solutions CEO Greg Brown said that the company’s Enterprise Mobility Solutions business continues to deliver very solid financial results, experiencing double-digit sales growth in all four geographic regions they serve.

Mobile Devices segment sales were $2bn, up 20% compared with the year-ago quarter, while the GAAP operating loss was $43m compared to an operating loss of $216m in the year-ago quarter.

Home segment sales were $912m, up 5% compared with the year-ago quarter, while GAAP operating earnings were $49m compared to $20m in the year-ago quarter.

The company anticipates earnings from continuing operations of $0.14 to $0.16 per share for the fourth quarter of 2010.

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