Motorola Solutions has revised its outlook for 2023, following its impressive performance in the third quarter. The communications company now anticipates a revenue range of $9.93 billion to $9.95 billion, with adjusted earnings per share projected to be between $11.65 and $11.70. This represents an upgrade from its previous forecast of revenue between $9.88 billion and $9.9 billion, and adjusted earnings ranging from $11.40 to $11.48.
It is important to note that Motorola Solutions has factored in approximately $40 million of foreign exchange headwinds into its outlook.
Looking specifically at the fourth quarter, Motorola Guides expects a revenue growth rate of around 4%, compared to the same period in the previous year. Additionally, the company predicts adjusted earnings per share to fall within the range of $3.60 to $3.65. Analysts polled by FactSet had estimated adjusted earnings at $3.58 per share.
Motorola’s optimistic outlook is backed by its strong performance in the third quarter, with both earnings and sales showing growth. The company’s CEO, Greg Brown, attributed this success to sustained demand, which has contributed to a record backlog during this period.
Write to Denny Jacob for more information.
