Motorola Solutions (MSI) FY2011 results: revenue $5.7 billion, down 24.7% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $5.7 billion for fiscal 2011, the year ended 31 December 2011, down 24.7% on the year before. Net income was $1.2 billion, up 82.9%, and diluted earnings per share $3.41. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2012.
Revenue
$5.7 billion
-24.7% on the year
FY2007FY2011
Operating margin
10.4%
9.9% a year earlier
FY2007FY2011
Net income
$1.2 billion
+82.9% on the year
FY2007FY2011
Diluted EPS
$3.41
+82.4% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
5,738
7,617
6,947
-24.7%
Cost of revenue
2,811
3,805
3,470
-26.1%
Gross profit
2,927
3,812
3,477
-23.2%
Gross margin
51.0%
50.0%
50.1%
Research and development
778
1,037
993
-25.0%
Selling, general and administrative
1,422
1,874
1,662
-24.1%
Operating income
598
751
567
-20.4%
Operating margin
10.4%
9.9%
8.2%
Interest expense
132
217
207
-39.2%
Pre-tax income
481
664
633
-27.6%
Income tax
-95.0
403
188
Effective tax rate
-19.8%
60.7%
29.7%
Net income
1,158
633
-51.0
+82.9%
Net margin
20.2%
8.3%
-0.7%
Diluted EPS
$3.41
$1.87
-$0.14
+82.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
366
803
627
-54.4%
Capital expenditure
165
192
136
-14.1%
Free cash flow
201
611
491
-67.1%
Free cash flow margin
3.5%
8.0%
7.1%
Cash from investing
2,475
523
-531
+373.2%
Cash from financing
-5,100
-40.0
-277
Depreciation and amortisation
133
353
388
-62.3%
Share-based compensation
134
144
137
-6.9%
Buybacks
1,110
0.0
0.0
Dividends paid
72.0
0.0
114
Dividend per share
$0.22
$0.00
$0.35
Diluted shares, weighted
340m
338m
328m
+0.5%
Shares outstanding at period end
319m
336m
330m
-5.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
5,214
10,885
9,775
-52.1%
Non-controlling interest
60.0
102
108
-41.2%
Debt
1,535
2,700
3,789
-43.1%
Other liabilities
7,120
11,890
11,931
-40.1%
Total liabilities and equity
13,929
25,577
25,603
-45.5%
Fixed assets
896
922
1,012
-2.8%
Goodwill
362
1,429
1,429
-74.7%
Intangible assets
48.0
246
453
-80.5%
Investments
168
181
400
-7.2%
Cash and equivalents
1,881
4,208
2,869
-55.3%
Receivables
1,866
1,547
1,353
+20.6%
Inventory
512
521
409
-1.7%
Other assets
8,196
16,523
17,678
-50.4%
Total assets
13,929
25,577
25,603
-45.5%
10-K for the year ended 31 December 2011, filed 15 February 2012: the filing.