Q2 2024 Motorola Solutions Inc Earnings Call Transcript
Key Points
- Record Q2 revenue and operating earnings, with products and SI revenue up 15% and operating earnings up 56%.
- Increased earnings per share by 22% and generated $180 million of operating cash flow.
- Strong performance in video security with a 10% revenue increase and command center revenue up 9%.
- Raised both revenue and earnings guidance for the full year based on robust demand.
- Successful integration of recent acquisitions, contributing to growth and expanding the product portfolio.
- Flat revenue in software and services, excluding the UK home office impact.
- International Q2 revenue down 7% due to the Airwave charge control.
- Ending total backlog decreased by approximately $300 million or 2% versus last year.
- Higher operating expenses in Q2, up $38 million due to higher employee incentives and acquisitions.
- Potential slight dilution in the second half of the year from recent acquisitions.
(audio in progress)
Actual results could differ materially from these forward-looking statements. Information about factors that could cause such differences can be found in today's earnings news release and the comments made during this conference call and the Risk Factors section of our 2023 annual report on Form 10-K or any quarterly report on Form 10-Q and in our other reports and filings with the SEC. We do not undertake any duty to update any forward-looking statements.
And with that, I'll turn it over to Greg.
Thanks, Tim. And good afternoon, and thanks for joining us today. I'll start off by sharing a few thoughts about the overall business before Jason goes through our results and outlook.
First, Q2 was another outstanding quarter with record Q2 revenue and operating earnings. Products and SI revenue was up 15% and operating earnings were up 56%, driven by continued strong demand and
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