Motorola Solutions posted fourth-quarter results Monday that beat analysts’ estimates on earnings per share and just missed on revenues.
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The Schaumburg-based maker of two-way radios and other communications equipment reported adjusted earnings per share of $1.58, topping analysts’ expectations of $1.42.
In after-hours trading, company shares were up 2.35 percent to $68.32.
Revenues for the quarter were $1.68 billion, down 8 percent compared with the same period in 2014. Analysts expected revenue of $1.69 billion, according to Yahoo Finance.
For the year, Motorola Solutions had revenue of $5.7 billion, down 3 percent from 2014. Adjusted earnings per share were $3.33, up from $2.58 for the same period a year earlier.
The company had fourth quarter profit of $279 million, up from $201 million in the prior year.
“When I think of the full year, 2015 was a year of transformation and achievement that positions us well going forward,” said Greg Brown, chairman and CEO of Motorola Solutions, on a conference call with analysts.
He said the company returned $3.5 billion to shareholders in 2015 through repurchasing and dividends, $239 million of which was in the fourth quarter. Motorola Solutions has authorized more than $12 billion in stock buybacks since mid-2011. That, combined with cost-cutting of more than $210 million in 2015, helped strengthen per-share earnings.
Motorola Solutions said it expects revenue to decline in the first quarter of 2016, down 4 to 6 percent from the $1.2 billion it made in the same quarter in 2015. The company said it expects full-year revenue to beat that of 2015 by 5 to 7 percent.
The company announced it had recently completed its $1 billion acquisition of UK-based public safety net provider Airwave. The company said the acquisition should support its services franchise, and it predicts Airwave revenue would be $55 million in the first quarter and $450 million for the year.
“We’re thrilled with the acquisition of Airwave, both strategically and financially,” Brown said.
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