Motorola Solutions (MSI, Financial) contributed to performance during the quarter. Revenue growth accelerated to +16% (currency neutral), while the Company's pricing power helped drive over +20% growth in operating income. The Company's backlog grew +19% for the quarter and marked the fourth consecutive quarter of backlog growth as the funding environment for its customers, particularly in public safety, remains extremely strong. We expect Motorola's core public safety customers to continue adopting and upgrading their LMR (Land Mobile Radio) infrastructure while expanding into software and service solutions that in turn drive higher productivity in the face of chronic labor shortages.
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners fourth-quarter 2022 letter.
