Motorola Solutions (MSI) FY2013 results: revenue $6.2 billion, down 0.7% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $6.2 billion for fiscal 2013, the year ended 31 December 2013, down 0.7% on the year before. Net income was $1.1 billion, up 24.7%, and diluted earnings per share $4.06. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2014.
Revenue
$6.2 billion
-0.7% on the year
FY2007FY2013
Operating margin
15.2%
14.7% a year earlier
FY2007FY2013
Net income
$1.1 billion
+24.7% on the year
FY2007FY2013
Diluted EPS
$4.06
+37.2% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
6,227
6,269
5,738
-0.7%
Cost of revenue
3,118
3,075
2,811
+1.4%
Gross profit
3,109
3,194
2,927
-2.7%
Gross margin
49.9%
50.9%
51.0%
Research and development
761
790
778
-3.7%
Selling, general and administrative
1,330
1,472
1,422
-9.6%
Operating income
947
920
598
+2.9%
Operating margin
15.2%
14.7%
10.4%
Interest expense
132
108
132
+22.2%
Pre-tax income
880
881
481
-0.1%
Income tax
-59.0
211
-95.0
Effective tax rate
-6.7%
24.0%
-19.8%
Net income
1,099
881
1,158
+24.7%
Net margin
17.6%
14.1%
20.2%
Diluted EPS
$4.06
$2.96
$3.41
+37.2%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
555
674
366
-17.7%
Capital expenditure
169
170
165
-0.6%
Free cash flow
386
504
201
-23.4%
Free cash flow margin
6.2%
8.0%
3.5%
Cash from investing
2,034
970
2,475
+109.7%
Cash from financing
-842
-2,077
-5,100
Depreciation and amortisation
158
151
133
+4.6%
Share-based compensation
120
146
134
-17.8%
Buybacks
1,694
2,438
1,110
-30.5%
Dividends paid
292
270
72.0
+8.1%
Dividend per share
$1.14
$0.96
$0.22
+18.7%
Diluted shares, weighted
270m
297m
340m
-9.0%
Shares outstanding at period end
254m
276m
319m
-7.8%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
3,659
3,265
5,214
+12.1%
Non-controlling interest
30.0
25.0
60.0
+20.0%
Debt
2,461
1,863
1,535
+32.1%
Other liabilities
5,701
7,526
7,120
-24.2%
Total liabilities and equity
11,851
12,679
13,929
-6.5%
Fixed assets
610
730
896
-16.4%
Goodwill
361
361
362
0.0%
Intangible assets
6.0
4.0
48.0
+50.0%
Investments
234
226
168
+3.5%
Cash and equivalents
3,225
1,468
1,881
+119.7%
Receivables
1,369
1,358
1,866
+0.8%
Inventory
347
339
512
+2.4%
Other assets
5,699
8,193
8,196
-30.4%
Total assets
11,851
12,679
13,929
-6.5%
10-K for the year ended 31 December 2013, filed 13 February 2014: the filing.