Motorola Mobility Announces Q4 and Full-Year 2010 Financial Results

Thursday 27th January 2011 - 13:37

Motorola Mobility reported net revenues of $3.4 billion in the fourth quarter of 2010, up 21 percent from the fourth quarter of 2009. The GAAP earnings in the fourth quarter of 2010 were $80 million (.27 per share), compared to a loss of $204 million (.69 per share) in the fourth quarter of 2009

On a non-GAAP basis, earnings in the fourth quarter of 2010 were $108 million (.37 per share) compared to a loss of $70 million (.24 per share) in the fourth quarter of 2009.

For the full year, 2010 net revenues were $11.5 billion, up 4 percent compared to 2009. For the full year, the GAAP loss was reduced to .29 per share from a loss of $4.56 per share in 2009. On a non-GAAP basis, the loss was reduced to .28 per share from a loss of $2.95 per share in 2009.

Motorola also announced thet the company generated positive operating cash flow of $225 million and $606 million in the quarter and full year, respectively. As planned, subsequent to the end of the quarter, the company received $3.2 billion in cash related to its separation from Motorola, Inc.

"The improvement in our financial results last year, including profitability in the fourth quarter, is indicative of the progress we have made in delivering innovative smartphones and improving the Mobile Devices business," said Sanjay Jha, chairman and chief executive officer of Motorola Mobility.

"Our Home business performed well and remains a premier provider of digital set-tops and end-to-end video solutions. With the global opportunities ahead, along with our diversified portfolio, our brand, and our people, we are well positioned to grow, and further improve our financial results in 2011," he added.

Operating Results

According to the report, Mobile Devices segment net revenues in the fourth quarter were $2.4 billion, up 33 percent compared with the year-ago quarter. For the full year 2010, net revenues were $7.8 billion, an increase of 9 percent compared to 2009.

Motorola shipped 4.9 million and 13.7 million smartphones in the quarter and full year, respectively, compared to 2.0 million in the fourth quarter and full year 2009. The company shipped total handsets (including smartphones) of 11.3 million and 37.3 million in the quarter and full year 2010, respectively.

The Company's outlook for the first quarter of 2011 is the following:

* Consolidated operating earnings in a range around breakeven
* Non-operating costs of approximately $10 million
* Income tax provision of approximately $25 million
* Net loss of $26 million to $62 million
* Net loss per share of .09 to .21
* Basic shares outstanding of approximately 294 million shares
* Excludes charges associated with items of the variety typically highlighted by the Company in its quarterly earnings results, stock-based compensation expense and intangible assets amortization expense.


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