Motorola reported Q3 sales of $5.5 billion and GAAP earnings from continuing operations of $12 million, or $0.01 per share. Total cash at the end of the third quarter was $7.2 billion, an increase of $700 million compared to the end of the second quarter. The Company generated $616 million of positive operating cash flow during the quarter and expects to continue to generate positive cash flow in the fourth quarter.
Some highlights:
- Mobile Devices segment sales were $1.7 billion, down 46 percent compared to the year-ago quarter. The GAAP operating loss was $183 million, compared to an operating loss of $840 million in the year-ago quarter. The segment reduced its operating loss by 28 percent sequentially from $253 million in the second quarter of 2009. Additionally, Motorola hipped 13.6 million handsets during the quarter, giving it an estimated global handset market share of 4.7 percent. The company also announced its DROID smartphone based on Android 2.
- Home and Networks Mobility segment sales were $2.0 billion, down 15 percent compared to the year-ago quarter. GAAP operating earnings were $199 million, compared to operating earnings of $263 million in the year-ago quarter. Motorola shipped 3.3 million digital entertainment devices during the quarter. Motorola also shipped its 1 millionth WiMAX device.
- Enterprise Mobility Solutions segment sales were $1.8 billion, down 13 percent compared to the year-ago quarter. GAAP operating earnings were $306 million, compared to operating earnings of $403 million in the year-ago quarter.
Motorola expects fourth-quarter earnings from continuing operations to rise to $0.07 to $0.09 per share.
In addition, Motorola appointed Edward J. Fitzpatrick as its CFO, effective immediately. He has been serving in that role since February. Previously, he served as corporate vice president of finance for Motorola’s Home & Networks Mobility business. http://www.motorola.com