By Maria Armental
Motorola Solutions Inc.'s profit and revenue rose in the third quarter, the second consecutive period of improved results, helped by acquisitions.
The company is the former wireless technology arm of Motorola, the radio pioneer that made the equipment that carried the first words from the moon back to Earth and later commercialized the cellphone. Motorola Solutions makes two-way radios and other public-safety equipment and manages public-safety networks.
Profit surged 67% to $192 million, or $1.13 a share. Excluding stock-based compensation and other items, adjusted profit rose to $1.37 a share from 82 cents a year earlier.Revenue rose 16% to $1.53 billion, helped by its Airwave Solutions acquisition.
The results beat projections.
Gross margin improved to 49.7% from 48.2% a year earlier.
For the fourth quarter, Motorola expects $1.82 to $1.87 a share in adjusted profit with revenue increasing 9% to 10%, compared with analysts' projected $1.87 a share on $1.86 billion in revenue, a 10% increase.
Shares, inactive in recent after-hours trading, closed Thursday at $71.29, up 4% this year.
Write to Maria Armental at firstname.lastname@example.org
(END) Dow Jones Newswires
November 03, 2016 17:43 ET (21:43 GMT)
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