Motorola reported financial results for the third quarter of 2003, with sales up 5% year-over-year to $6.8 billion. Net income was $116 million or $0.05 per share on a GAAP basis, and $132 million or $0.06 per share excluding special items. The company provided fourth quarter 2003 guidance forecasting higher sales and earnings compared to the prior year quarter. Motorola's six business segments saw mixed results, with some segments experiencing higher sales and earnings compared to the prior year while others faced challenges from industry trends.
Motorola reported its financial results for the second quarter of 2003. Key highlights included:
- Sales of $6.2 billion, down 10% from the previous year's quarter.
- GAAP earnings of $0.05 per share, compared to a loss of $1.02 per share in the previous year.
- Earnings excluding special items of $0.01 per share, compared to $0.02 per share in the previous year.
- Third quarter 2003 guidance of flat to down 4% sales, break-even to $0.02 GAAP earnings per share, and $0.02 to $0.04 earnings per share excluding special items.
Motorola reported financial results for Q4 2003 and full year 2003. Q4 sales were $8 billion, up 4% year-over-year. Q4 net earnings were $489 million or $0.20 per share. For full year 2003, sales were $27.1 billion and net earnings were $893 million or $0.38 per share. All six of Motorola's major segments saw higher orders in Q4 compared to the previous year. Motorola provided guidance for Q1 2004 of $6.4-6.8 billion in sales and $0.05-0.07 earnings per share.
Motorola reported its financial results for the first quarter of 2003, with sales of $6 billion, down 2% from the previous year. Net earnings were $169 million or $0.07 per share, compared to a net loss the previous year. Excluding special items, net earnings were $21 million or $0.01 per share, compared to a net loss the previous year. The company provided guidance for the second quarter and full year 2003, expecting continued improvement in earnings per share.
Motorola reported a 26% increase in third quarter 2004 sales to $8.624 billion compared to third quarter 2003. Net earnings were $479 million, up 313% from third quarter 2003. The increase was driven by strong sales growth across all business segments due to new product launches and market share gains. Motorola also strengthened its balance sheet by generating $1.3 billion in operating cash flow and ending the quarter with $4.4 billion in net cash. For the fourth quarter, Motorola expects sales between $9.3-9.6 billion and earnings per share of $0.23-0.26.
This document provides an investor presentation for Nexon Co., Ltd for Q4 2020:
- Revenues and EBITDA reached all-time highs in 2020, driven by sustained growth of virtual worlds on PC and expansion onto mobile.
- Major franchises like MapleStory and Dungeon&Fighter collectively doubled revenues over the last six years.
- Q4 2020 revenues exceeded outlook with record highs in revenues and operating income, led by growth of multiple major franchises across regions. However, net loss was larger than expected due to foreign exchange losses.
Motorola reported strong financial results for the second quarter of 2004, with sales increasing 41% compared to the second quarter of 2003. However, Motorola reported a net loss due to a large non-cash tax expense related to the IPO of Freescale Semiconductor. Excluding this tax expense, pre-tax earnings increased significantly. All of Motorola's business segments saw sales increases, with the Personal Communications segment experiencing the largest growth. Motorola provided guidance for the third quarter of 2004 with sales expected to increase 25-30% and earnings per share of $0.15 to $0.19.
Q3 2007 Earnings Press Release and Financial Tablesfinance7
Motorola reported third quarter sales of $8.8 billion and GAAP earnings of $0.02 per share. While Mobile Devices sales decreased 36% year-over-year, the business showed financial improvements. Enterprise Mobility Solutions sales grew 47% year-over-year and operating earnings increased despite charges. The company expects fourth quarter earnings per share between $0.12-$0.14.
Electronic Arts reported stronger-than-expected revenue in Q2 driven by FIFA sales, but shares fell after hours as guidance did not fully reflect the upside. The analyst maintains a Buy rating due to EA's digital strategy and potential to monetize franchises on new platforms. Estimates were revised slightly upward for Q3 and FY2011 to account for the delayed NBA Elite title. The price target is $19 based on a higher forward PE multiple relative to EA's franchises and digital focus. Risks include title performance and macro factors.
Motorola reported its financial results for the second quarter of 2003. Key highlights included:
- Sales of $6.2 billion, down 10% from the previous year's quarter.
- GAAP earnings of $0.05 per share, compared to a loss of $1.02 per share in the previous year.
- Earnings excluding special items of $0.01 per share, compared to $0.02 per share in the previous year.
- Third quarter 2003 guidance of flat to down 4% sales, break-even to $0.02 GAAP earnings per share, and $0.02 to $0.04 earnings per share excluding special items.
Motorola reported financial results for Q4 2003 and full year 2003. Q4 sales were $8 billion, up 4% year-over-year. Q4 net earnings were $489 million or $0.20 per share. For full year 2003, sales were $27.1 billion and net earnings were $893 million or $0.38 per share. All six of Motorola's major segments saw higher orders in Q4 compared to the previous year. Motorola provided guidance for Q1 2004 of $6.4-6.8 billion in sales and $0.05-0.07 earnings per share.
Motorola reported its financial results for the first quarter of 2003, with sales of $6 billion, down 2% from the previous year. Net earnings were $169 million or $0.07 per share, compared to a net loss the previous year. Excluding special items, net earnings were $21 million or $0.01 per share, compared to a net loss the previous year. The company provided guidance for the second quarter and full year 2003, expecting continued improvement in earnings per share.
Motorola reported a 26% increase in third quarter 2004 sales to $8.624 billion compared to third quarter 2003. Net earnings were $479 million, up 313% from third quarter 2003. The increase was driven by strong sales growth across all business segments due to new product launches and market share gains. Motorola also strengthened its balance sheet by generating $1.3 billion in operating cash flow and ending the quarter with $4.4 billion in net cash. For the fourth quarter, Motorola expects sales between $9.3-9.6 billion and earnings per share of $0.23-0.26.
This document provides an investor presentation for Nexon Co., Ltd for Q4 2020:
- Revenues and EBITDA reached all-time highs in 2020, driven by sustained growth of virtual worlds on PC and expansion onto mobile.
- Major franchises like MapleStory and Dungeon&Fighter collectively doubled revenues over the last six years.
- Q4 2020 revenues exceeded outlook with record highs in revenues and operating income, led by growth of multiple major franchises across regions. However, net loss was larger than expected due to foreign exchange losses.
Motorola reported strong financial results for the second quarter of 2004, with sales increasing 41% compared to the second quarter of 2003. However, Motorola reported a net loss due to a large non-cash tax expense related to the IPO of Freescale Semiconductor. Excluding this tax expense, pre-tax earnings increased significantly. All of Motorola's business segments saw sales increases, with the Personal Communications segment experiencing the largest growth. Motorola provided guidance for the third quarter of 2004 with sales expected to increase 25-30% and earnings per share of $0.15 to $0.19.
Q3 2007 Earnings Press Release and Financial Tablesfinance7
Motorola reported third quarter sales of $8.8 billion and GAAP earnings of $0.02 per share. While Mobile Devices sales decreased 36% year-over-year, the business showed financial improvements. Enterprise Mobility Solutions sales grew 47% year-over-year and operating earnings increased despite charges. The company expects fourth quarter earnings per share between $0.12-$0.14.
Electronic Arts reported stronger-than-expected revenue in Q2 driven by FIFA sales, but shares fell after hours as guidance did not fully reflect the upside. The analyst maintains a Buy rating due to EA's digital strategy and potential to monetize franchises on new platforms. Estimates were revised slightly upward for Q3 and FY2011 to account for the delayed NBA Elite title. The price target is $19 based on a higher forward PE multiple relative to EA's franchises and digital focus. Risks include title performance and macro factors.
johnson controls 02/11/2009 Barclays Capital Industrial Select Conference finance8
Johnson Controls presented at the Barclays Industrial Goods Conference in February 2008. They discussed significant declines expected in North American and European automotive production in 2009. Johnson Controls has three main business segments - Automotive Experience, Power Solutions, and Building Efficiency. Automotive Experience and Power Solutions were expected to face challenges from the decreased production volumes, but both had strong backlogs of new business which could help offset difficulties. Power Solutions also derived most of its sales from the more stable aftermarket business.
- Nexon reported financial results for Q1 2020 that exceeded expectations, with revenues of ¥82.8 billion and operating income of ¥41.5 billion. Performance was driven by strong franchises in Korea, while China revenues were in line with outlook.
- Korea saw record-breaking performance across its portfolio on the strength of titles like MapleStory and FIFA Online 4. China's Dungeon&Fighter performed within expectations despite temporary closures of PC cafes.
- For Q2 2020, Nexon expects year-over-year revenue growth of 10-19% in constant currency terms, assuming foreign exchange rates of 8.83 JPY/KRW and 15.24 JPY/CN
Nexon reported its financial results for Q3 2019, with revenues meeting expectations. Major franchises in Korea performed strongly, led by record revenue from MapleStory on PC and mobile. However, China revenues were below outlook due to lower-than-expected performance of Dungeon&Fighter. The presentation discusses quarterly highlights and financial results for regions and key games, and addresses near-term challenges in China while remaining confident in franchises' long-term health.
The document analyzes automotive companies' emissions performance and positions them in a "Super-League Table" ranking. It finds that Japanese automakers like Nissan, Toyota, and Mazda rank highly due to strong fleet emissions reductions and investments in advanced vehicles. German automakers also perform well overall. American automakers GM and Ford rank towards the bottom due to the high-emitting vehicles demanded in their home US market. The analysis suggests companies towards the top of the ranking are lower-risk investments as tightening emissions regulations could financially penalize laggards.
Localiza Rent a Car S.A. held a public meeting to discuss the company's performance in 2Q06 and outlook. Key points include:
1) The car rental market saw strong growth, with Localiza's car rental business volume increasing 43.3% and fleet rental increasing 33.7%.
2) Localiza achieved a 63.7% increase in car rental EBITDA and 44.5% increase in fleet rental EBITDA, excluding used cars.
3) The company is well positioned for future growth, with competitive advantages from scale, brand strength, and an integrated business platform. Localiza will focus on organic growth and consolidation opportunities to increase business volume.
Q2 2007 Earnings Release and Financial Tablesfinance7
Motorola reported second quarter sales of $8.7 billion. While sales increased for its Home and Networks Mobility and Enterprise Mobility Solutions segments, overall sales and earnings declined from the prior year due to lower mobile device shipments. Motorola expects financial results to improve in the second half of the year due to cost reductions and new product launches, but does not expect its Mobile Devices business to be profitable for the full year.
Q2 2008 Earnings Press Release and Financial Tablesfinance7
Motorola reported second-quarter financial results that exceeded expectations, with sales of $8.1 billion and positive operating cash flow of $204 million. The Home and Networks Mobility and Enterprise Mobility Solutions segments saw sales and operating earnings growth compared to the previous year. Mobile Devices shipped 28.1 million handsets and maintained market share, while launching 10 new products globally. The company expects earnings per share of $0.00 to $0.02 for the third quarter and $0.06 to $0.08 for the full year.
Our analysis of the 2012 financial performance of the top 100 aerospace companies sees no change in the top 10 companies, but some new names from China and Russia entered the top 100. The year 2012 saw a return to buoyant merger and acquisition activity in the aerospace industry after slower activity during the financial crisis. While military budgets in North America and Europe face cuts, companies with exposure to these markets may pursue acquisitions to diversify into commercial aerospace and related technology fields like cybersecurity. Overall, the analysis finds that profitability remains strong across the industry and above historical levels, suggesting good financial times will continue for the foreseeable future as aviation grows faster than the global economy.
Q3 2008 Earnings Press Release and Financial Tablesfinance7
Motorola reported third quarter 2008 financial results. Sales were $7.5 billion. The company had a net loss of $397 million but positive operating cash flow of $180 million. Key highlights included a loss in Mobile Devices but increased earnings in Home and Networks Mobility and Enterprise Mobility Solutions. Motorola expects earnings per share of $0.02 to $0.04 in Q4 2008 and $0.05 to $0.07 for the full year.
This document provides an investor presentation from Nexon for Q2 2020. It includes highlights from the CEO and CFO on the company's financial results. Some key points:
- Record Q2 revenue driven by strength across their portfolio in Korea, including MapleStory, Dungeon&Fighter, and the launch of KartRider Rush+ on mobile.
- MapleStory saw 151% growth in Korea and over 170% growth in other regions year-over-year. KartRider Rush+ exceeded expectations with a strong start.
- Revenue was ¥64.5 billion, up 20% year-over-year, with operating income of ¥26.7 billion, up 106%. However,
The majority down. 62% of our 72-stock universe suffered lower
sequential quarterly net profits, with 24% surprising on the downside.
The combined 1Q09 net profit of our research universe fell by just 3.5%
QoQ. But stripping out 5 large gainers, net profits fell a larger 13.6%
QoQ. Consumers and glove manufacturers’ defied gravity, but net
profits of virtually all stocks in nine sectors fell quarter-on-quarter.
A surprising combined result, but the devil is in the details. The
combined net profit of our research universe declined just 3.5% QoQ
despite an overwhelming 62% of companies reporting a sequential
quarterly decline. But excluding five companies, combined net profit fell
13.6% QoQ, an acceleration from previous quarters. A broad-based
earnings decline is being masked by a few companies, including some
monopolies.
Declines in nine sectors, but consumer sector unscathed. Every
stock in nine sectors, excluding monopolies Petronas Gas and KLCCP,
experienced a drop in quarterly sequential earnings. The sectors are
gaming, oil & gas, property, REITs, construction, building materials,
semi-conductors, plantations and toll roads. Consumer stocks and
glove manufacturers showed particular resilience.
An ‘energy dividend’ took effect; monopolies fared well. Lower oil
prices benefited heavy fuel users AirAsia and Tenaga. Their gains were
only partially offset by lower earnings at the oil & gas services
companies. Net profits of Telekom, Tenaga and Petronas Gas, all
effectively monopolies, improved on a quarterly basis although only
Petronas Gas raised prices in 1Q09.
The biggest disappointment and downgrade: 1Q GDP. First quarter
2009 GDP fell 6.2% YoY, against consensus expectations of a 3-4%
drop. We have revised our GDP forecasts to -3.8% in 2009 and +4.0%
YoY in 2010 (previously -1.3% and +3.5% respectively). The
government, to be ahead in the expectations game, is projecting 2009
GDP growth of -4% to -5%. The silver lining is the government is now
under greater pressure to implement its fiscal stimulus plans quickly.
A reversal of fortune ahead for construction, building materials.
Despite uniformly lower earnings this 1Q, we believe the construction
and building materials sectors are only 2-3 quarters away from
improved revenues. Share prices of stocks in these sectors will likely
be driven by newsflow from the fiscal stimulus rather than earnings.
Citigroup 19th Annual Global Industrial Manufacturing Conferencefinance10
Pat Campbell, Sr. Vice President and CFO of 3M, presented at the Citigroup 19th Annual Global Industrial Manufacturing Conference. The presentation summarized 3M's financial results for 2005, including 5.8% sales growth to $21.2 billion and 13.6% EPS growth to $4.26. It also outlined 3M's strategy of driving growth through its technology platforms, global infrastructure, and presence in emerging markets.
The document summarizes Localiza's 1Q16 earnings results. Key highlights include an 11.3% increase in consolidated net revenues despite an adverse macroeconomic scenario. The car rental division saw a 6.4% increase in net revenues due to higher average rental rates. EBITDA increased 5.5% to R$258.4 million compared to 1Q15, driven by growth in both the car and fleet rental divisions. Overall results were positively impacted by commercial initiatives to stimulate demand and increase fleet utilization rates.
The document is an investor presentation from EXFO that discusses forward-looking statements and provides an overview of the company's performance in fiscal year 2020 and third quarter 2020 results. It also outlines EXFO's service assurance platform and how it addresses challenges faced by communications service providers, along with opportunities from industry transformations. Finally, it reviews EXFO's market position and reasons for investing in the company.
Facebook Inc is a social networking company that provides development tools and APIs to enable developers to integrate with Facebook. The report rates Facebook Inc a Buy due to robust revenue growth, a strong financial position with low debt, good cash flow, growing earnings per share, and expanding profit margins. Peer companies are analyzed based on revenue growth, EBITDA margins, earnings yield, and other financial metrics. The internet software and services industry is highly competitive with consolidation and pressure on margins.
1. Facebook was founded in 2004 and had its IPO in 2012, initially pricing shares at $38. It now has over 1.5 billion monthly active users and generates nearly all of its revenue from advertising.
2. Facebook has posted impressive revenue growth in recent years, driven by growth in mobile advertising, but greater operating costs have constrained profit growth.
3. The company is well-positioned for continued growth as it benefits from increasing global internet usage and engagement, especially on mobile. It is investing heavily to help new projects and acquisitions reach scale.
Dover Corporation reported strong financial results for the second quarter of 2008, with revenue increasing 10% year-over-year to $2 billion and EPS growing 16% to $0.98. Segment margins increased slightly to 15.8% and organic growth was 5.4% despite challenges from rising costs. Free cash flow was $192 million for the quarter. The company also provided an outlook for full-year 2008 with expectations for mid-single digit organic growth and margin improvement of 25-50 basis points.
- Michelin's net sales for the first half of 2009 were €7.1 billion, down 13.4% from the first half of 2008, due to a 23% decline in unit sales caused by falling tire demand globally except in China.
- The operating margin was 4.0% before non-recurring items, down 4.6 points from the first half of 2008, as operating income fell 60.2% to €282 million due to lower unit sales and higher unused capacity costs.
- Michelin reported a net loss of €122 million for the first half after €292 million in restructuring costs for plans in France and North America to increase competitiveness.
This document summarizes Brad Anderson's presentation at a Lehman Brothers Retail Conference on April 29, 2008. Some key points include:
- Technology is increasingly important in customers' lives and Best Buy believes complexity presents opportunities. Inspiring customers is a growth opportunity.
- Best Buy's growth model is rooted in employee insights which they believe makes it quicker, less risky, and harder to copy than competitors.
- Best Buy's $40 billion scale allows local leaders to customize offerings to each market for greater growth potential.
Q3 2006 Motorola Inc. Earnings Conference Call Presentationfinance7
This document summarizes Motorola's Q3 2006 earnings release conference call. Key points include:
- Motorola reported record Q3 sales of $10.6 billion and earnings per share of $0.34, excluding highlighted items.
- Mobile Devices business saw record unit sales and operating earnings, with market share reaching 22.4%.
- Networks & Enterprise operating margin improved sequentially to 15.4%, excluding items.
- Guidance for Q4 2006 forecasts sales between $11.8-12.1 billion and EPS of $0.29, excluding stock compensation.
- The presentation discusses Motorola's business segment performance and new product launches.
Best Buy executives Brad Anderson and Darren Jackson presented at a Lehman Brothers retail seminar on May 2, 2006 about Best Buy's focus on customer centricity and growth strategies. Best Buy aims to transform its core business through an integrated customer-centric operating model while enhancing the customer experience through services like Geek Squad and expanding into new markets like China and small businesses. The company's priorities are transforming its core business, enhancing the customer experience, and extending its business into new markets to drive top-line and bottom-line growth.
johnson controls 02/11/2009 Barclays Capital Industrial Select Conference finance8
Johnson Controls presented at the Barclays Industrial Goods Conference in February 2008. They discussed significant declines expected in North American and European automotive production in 2009. Johnson Controls has three main business segments - Automotive Experience, Power Solutions, and Building Efficiency. Automotive Experience and Power Solutions were expected to face challenges from the decreased production volumes, but both had strong backlogs of new business which could help offset difficulties. Power Solutions also derived most of its sales from the more stable aftermarket business.
- Nexon reported financial results for Q1 2020 that exceeded expectations, with revenues of ¥82.8 billion and operating income of ¥41.5 billion. Performance was driven by strong franchises in Korea, while China revenues were in line with outlook.
- Korea saw record-breaking performance across its portfolio on the strength of titles like MapleStory and FIFA Online 4. China's Dungeon&Fighter performed within expectations despite temporary closures of PC cafes.
- For Q2 2020, Nexon expects year-over-year revenue growth of 10-19% in constant currency terms, assuming foreign exchange rates of 8.83 JPY/KRW and 15.24 JPY/CN
Nexon reported its financial results for Q3 2019, with revenues meeting expectations. Major franchises in Korea performed strongly, led by record revenue from MapleStory on PC and mobile. However, China revenues were below outlook due to lower-than-expected performance of Dungeon&Fighter. The presentation discusses quarterly highlights and financial results for regions and key games, and addresses near-term challenges in China while remaining confident in franchises' long-term health.
The document analyzes automotive companies' emissions performance and positions them in a "Super-League Table" ranking. It finds that Japanese automakers like Nissan, Toyota, and Mazda rank highly due to strong fleet emissions reductions and investments in advanced vehicles. German automakers also perform well overall. American automakers GM and Ford rank towards the bottom due to the high-emitting vehicles demanded in their home US market. The analysis suggests companies towards the top of the ranking are lower-risk investments as tightening emissions regulations could financially penalize laggards.
Localiza Rent a Car S.A. held a public meeting to discuss the company's performance in 2Q06 and outlook. Key points include:
1) The car rental market saw strong growth, with Localiza's car rental business volume increasing 43.3% and fleet rental increasing 33.7%.
2) Localiza achieved a 63.7% increase in car rental EBITDA and 44.5% increase in fleet rental EBITDA, excluding used cars.
3) The company is well positioned for future growth, with competitive advantages from scale, brand strength, and an integrated business platform. Localiza will focus on organic growth and consolidation opportunities to increase business volume.
Q2 2007 Earnings Release and Financial Tablesfinance7
Motorola reported second quarter sales of $8.7 billion. While sales increased for its Home and Networks Mobility and Enterprise Mobility Solutions segments, overall sales and earnings declined from the prior year due to lower mobile device shipments. Motorola expects financial results to improve in the second half of the year due to cost reductions and new product launches, but does not expect its Mobile Devices business to be profitable for the full year.
Q2 2008 Earnings Press Release and Financial Tablesfinance7
Motorola reported second-quarter financial results that exceeded expectations, with sales of $8.1 billion and positive operating cash flow of $204 million. The Home and Networks Mobility and Enterprise Mobility Solutions segments saw sales and operating earnings growth compared to the previous year. Mobile Devices shipped 28.1 million handsets and maintained market share, while launching 10 new products globally. The company expects earnings per share of $0.00 to $0.02 for the third quarter and $0.06 to $0.08 for the full year.
Our analysis of the 2012 financial performance of the top 100 aerospace companies sees no change in the top 10 companies, but some new names from China and Russia entered the top 100. The year 2012 saw a return to buoyant merger and acquisition activity in the aerospace industry after slower activity during the financial crisis. While military budgets in North America and Europe face cuts, companies with exposure to these markets may pursue acquisitions to diversify into commercial aerospace and related technology fields like cybersecurity. Overall, the analysis finds that profitability remains strong across the industry and above historical levels, suggesting good financial times will continue for the foreseeable future as aviation grows faster than the global economy.
Q3 2008 Earnings Press Release and Financial Tablesfinance7
Motorola reported third quarter 2008 financial results. Sales were $7.5 billion. The company had a net loss of $397 million but positive operating cash flow of $180 million. Key highlights included a loss in Mobile Devices but increased earnings in Home and Networks Mobility and Enterprise Mobility Solutions. Motorola expects earnings per share of $0.02 to $0.04 in Q4 2008 and $0.05 to $0.07 for the full year.
This document provides an investor presentation from Nexon for Q2 2020. It includes highlights from the CEO and CFO on the company's financial results. Some key points:
- Record Q2 revenue driven by strength across their portfolio in Korea, including MapleStory, Dungeon&Fighter, and the launch of KartRider Rush+ on mobile.
- MapleStory saw 151% growth in Korea and over 170% growth in other regions year-over-year. KartRider Rush+ exceeded expectations with a strong start.
- Revenue was ¥64.5 billion, up 20% year-over-year, with operating income of ¥26.7 billion, up 106%. However,
The majority down. 62% of our 72-stock universe suffered lower
sequential quarterly net profits, with 24% surprising on the downside.
The combined 1Q09 net profit of our research universe fell by just 3.5%
QoQ. But stripping out 5 large gainers, net profits fell a larger 13.6%
QoQ. Consumers and glove manufacturers’ defied gravity, but net
profits of virtually all stocks in nine sectors fell quarter-on-quarter.
A surprising combined result, but the devil is in the details. The
combined net profit of our research universe declined just 3.5% QoQ
despite an overwhelming 62% of companies reporting a sequential
quarterly decline. But excluding five companies, combined net profit fell
13.6% QoQ, an acceleration from previous quarters. A broad-based
earnings decline is being masked by a few companies, including some
monopolies.
Declines in nine sectors, but consumer sector unscathed. Every
stock in nine sectors, excluding monopolies Petronas Gas and KLCCP,
experienced a drop in quarterly sequential earnings. The sectors are
gaming, oil & gas, property, REITs, construction, building materials,
semi-conductors, plantations and toll roads. Consumer stocks and
glove manufacturers showed particular resilience.
An ‘energy dividend’ took effect; monopolies fared well. Lower oil
prices benefited heavy fuel users AirAsia and Tenaga. Their gains were
only partially offset by lower earnings at the oil & gas services
companies. Net profits of Telekom, Tenaga and Petronas Gas, all
effectively monopolies, improved on a quarterly basis although only
Petronas Gas raised prices in 1Q09.
The biggest disappointment and downgrade: 1Q GDP. First quarter
2009 GDP fell 6.2% YoY, against consensus expectations of a 3-4%
drop. We have revised our GDP forecasts to -3.8% in 2009 and +4.0%
YoY in 2010 (previously -1.3% and +3.5% respectively). The
government, to be ahead in the expectations game, is projecting 2009
GDP growth of -4% to -5%. The silver lining is the government is now
under greater pressure to implement its fiscal stimulus plans quickly.
A reversal of fortune ahead for construction, building materials.
Despite uniformly lower earnings this 1Q, we believe the construction
and building materials sectors are only 2-3 quarters away from
improved revenues. Share prices of stocks in these sectors will likely
be driven by newsflow from the fiscal stimulus rather than earnings.
Citigroup 19th Annual Global Industrial Manufacturing Conferencefinance10
Pat Campbell, Sr. Vice President and CFO of 3M, presented at the Citigroup 19th Annual Global Industrial Manufacturing Conference. The presentation summarized 3M's financial results for 2005, including 5.8% sales growth to $21.2 billion and 13.6% EPS growth to $4.26. It also outlined 3M's strategy of driving growth through its technology platforms, global infrastructure, and presence in emerging markets.
The document summarizes Localiza's 1Q16 earnings results. Key highlights include an 11.3% increase in consolidated net revenues despite an adverse macroeconomic scenario. The car rental division saw a 6.4% increase in net revenues due to higher average rental rates. EBITDA increased 5.5% to R$258.4 million compared to 1Q15, driven by growth in both the car and fleet rental divisions. Overall results were positively impacted by commercial initiatives to stimulate demand and increase fleet utilization rates.
The document is an investor presentation from EXFO that discusses forward-looking statements and provides an overview of the company's performance in fiscal year 2020 and third quarter 2020 results. It also outlines EXFO's service assurance platform and how it addresses challenges faced by communications service providers, along with opportunities from industry transformations. Finally, it reviews EXFO's market position and reasons for investing in the company.
Facebook Inc is a social networking company that provides development tools and APIs to enable developers to integrate with Facebook. The report rates Facebook Inc a Buy due to robust revenue growth, a strong financial position with low debt, good cash flow, growing earnings per share, and expanding profit margins. Peer companies are analyzed based on revenue growth, EBITDA margins, earnings yield, and other financial metrics. The internet software and services industry is highly competitive with consolidation and pressure on margins.
1. Facebook was founded in 2004 and had its IPO in 2012, initially pricing shares at $38. It now has over 1.5 billion monthly active users and generates nearly all of its revenue from advertising.
2. Facebook has posted impressive revenue growth in recent years, driven by growth in mobile advertising, but greater operating costs have constrained profit growth.
3. The company is well-positioned for continued growth as it benefits from increasing global internet usage and engagement, especially on mobile. It is investing heavily to help new projects and acquisitions reach scale.
Dover Corporation reported strong financial results for the second quarter of 2008, with revenue increasing 10% year-over-year to $2 billion and EPS growing 16% to $0.98. Segment margins increased slightly to 15.8% and organic growth was 5.4% despite challenges from rising costs. Free cash flow was $192 million for the quarter. The company also provided an outlook for full-year 2008 with expectations for mid-single digit organic growth and margin improvement of 25-50 basis points.
- Michelin's net sales for the first half of 2009 were €7.1 billion, down 13.4% from the first half of 2008, due to a 23% decline in unit sales caused by falling tire demand globally except in China.
- The operating margin was 4.0% before non-recurring items, down 4.6 points from the first half of 2008, as operating income fell 60.2% to €282 million due to lower unit sales and higher unused capacity costs.
- Michelin reported a net loss of €122 million for the first half after €292 million in restructuring costs for plans in France and North America to increase competitiveness.
This document summarizes Brad Anderson's presentation at a Lehman Brothers Retail Conference on April 29, 2008. Some key points include:
- Technology is increasingly important in customers' lives and Best Buy believes complexity presents opportunities. Inspiring customers is a growth opportunity.
- Best Buy's growth model is rooted in employee insights which they believe makes it quicker, less risky, and harder to copy than competitors.
- Best Buy's $40 billion scale allows local leaders to customize offerings to each market for greater growth potential.
Q3 2006 Motorola Inc. Earnings Conference Call Presentationfinance7
This document summarizes Motorola's Q3 2006 earnings release conference call. Key points include:
- Motorola reported record Q3 sales of $10.6 billion and earnings per share of $0.34, excluding highlighted items.
- Mobile Devices business saw record unit sales and operating earnings, with market share reaching 22.4%.
- Networks & Enterprise operating margin improved sequentially to 15.4%, excluding items.
- Guidance for Q4 2006 forecasts sales between $11.8-12.1 billion and EPS of $0.29, excluding stock compensation.
- The presentation discusses Motorola's business segment performance and new product launches.
Best Buy executives Brad Anderson and Darren Jackson presented at a Lehman Brothers retail seminar on May 2, 2006 about Best Buy's focus on customer centricity and growth strategies. Best Buy aims to transform its core business through an integrated customer-centric operating model while enhancing the customer experience through services like Geek Squad and expanding into new markets like China and small businesses. The company's priorities are transforming its core business, enhancing the customer experience, and extending its business into new markets to drive top-line and bottom-line growth.
Motorola reported financial results for the first quarter of 2004 with sales of $8.6 billion, up 42% from the previous year, and net earnings of $609 million, up 257% over the previous year. The company ended the quarter with a net cash position of $902 million, the first time in over 35 years. Motorola provided guidance for the second quarter of 2004 of sales between $8.2-8.6 billion and earnings per share of $0.14-0.18, excluding potential impacts from the proposed IPO of its semiconductor business.
Q4 2008 Motorola, Inc. Earnings Conference Call Presentationfinance7
The document summarizes Motorola's Q4 2008 earnings conference call. It provides financial results for Q4 2008, including a year-over-year decline in sales but improved operating margins when excluding special items. It also highlights business segment results, with growth in operating earnings for Home and Networks Mobility and Enterprise Mobility Solutions, but an operating loss for Mobile Devices. The document outlines participants in the upcoming Q&A section and includes boilerplate text about forward-looking statements and the use of non-GAAP measures.
Motorola's net sales increased 23% to $10.01 billion in the first quarter of 2006 compared to $8.16 billion in the same period in 2005. Gross margin improved to $3.02 billion in 2006 from $2.66 billion previously. Overall earnings from continuing operations were $686 million in 2006, nearly flat compared to $692 million in 2005. Mobile Devices segment sales grew 45% and operating earnings increased 60% year-over-year.
Adobe PDF Q4 2005 Motorola Inc. Earnings Conference Call Presentationfinance7
Motorola reported financial results for the fourth quarter and full year of 2005. Key highlights included record sales of $10.4 billion for Q4 2005, an 18% increase over Q4 2004. Earnings per share for Q4 2005 were $0.47 compared to $0.28 in Q4 2004. For the full year, sales increased 18% to $36.8 billion while earnings per share doubled to $1.82. The mobile devices business also achieved record results for sales, units, and operating earnings in Q4. Motorola provided guidance for Q1 2006 with sales expected between $9.3-9.5 billion and earnings per share of $0.27-0.29.
William Blair & Company 27th Annual Growth Stock Conferencefinance7
William Blair Growth Stock Conference was held on June 21, 2007. Darren Jackson, CFO of Best Buy, presented on the company's performance. He discussed Best Buy's continued leadership in the North American consumer electronics market, with 20% US market share. Best Buy has achieved strong revenue and earnings growth in recent years through expanding its store base, investing in private label brands, and focusing on the customer experience. Looking ahead, Best Buy expects further growth from new store openings, acquisitions, and expanding its international presence while continuing to return value to shareholders through dividends and stock repurchases.
Q3 2004 Motorola Inc. Earnings Conference Call Presentationfinance7
Motorola reported strong financial results for Q3 2004. Sales increased 26% year-over-year to $8.6 billion, while earnings per share grew 313% to $0.20. Gross margin improved 220 basis points to 36.2% compared to Q3 2003, while research and development spending declined as a percentage of sales. Operating margin was 9.9% for Q3 2004, an improvement over Q3 2003. Cash flow from operations was $1.3 billion for the quarter. For Q4 2004, Motorola expects sales between $9.3-9.6 billion and earnings per share of $0.23-$0.26.
The document discusses growing customer relationships and market share at Best Buy. It identifies increasing the number of "Best Customers" as the largest opportunity. Best Customers are highly loyal, open to relationships, and trust Best Buy in new areas. The hypothesis is that Best Buy can increase Best Customers by understanding what satisfies them and eliminating reasons for dissatisfaction. This would involve moving more customers from transactional to relationship status.
Motorola announced record second quarter sales and earnings, with sales up 17% to $8.83 billion and earnings per share up 52% to $0.38. Mobile device shipments reached a record 33.9 million units, representing 18.1% of the global market. All four of Motorola's business segments grew profitability. For the third quarter, Motorola expects sales between $8.9-9.1 billion and earnings per share of $0.27-0.29.
Motorola reported financial results for Q4 2006 and full year 2006. Net sales increased 17% in Q4 2006 compared to Q4 2005 but operating earnings decreased from $1.71 billion to $753 million. For the full year, net sales increased 22% while operating earnings fell from $4.61 billion to $4.09 billion. Mobile Devices sales increased but earnings decreased in both periods due to increased costs and charges.
- Best Buy reported fourth quarter earnings per diluted share of $1.71, a 10% increase from $1.55 in the prior year fourth quarter. Revenue increased 4% to $13.4 billion.
- For fiscal year 2008, revenue increased 11% to $40 billion and earnings per diluted share grew 12% to $3.12, driven by new store openings and comparable store sales growth.
- Looking ahead, Best Buy expects fiscal year 2009 earnings per share to increase approximately 7% to a range of $3.25 to $3.40, reflecting continued revenue growth despite a slowdown in customer traffic.
This document provides an investor presentation for Best Buy Co., Inc. from April 2007. It summarizes Best Buy's past financial performance and growth, current market position as the largest consumer electronics retailer in the US with 20% market share, and plans for future growth through expanding into new store formats, products, services, and international markets like Canada, China, and the UK. The presentation emphasizes a customer-centric focus and improving the customer experience as drivers of Best Buy's continued growth.
Motorola reported record third quarter sales and earnings. Sales increased 26% to $9.42 billion and earnings per share increased 283% to $0.69. Mobile device shipments reached a record 38.7 million units and global market share increased 5.5 percentage points to 19%. All four of Motorola's business segments grew profitably with the mobile devices segment achieving a record $5.6 billion in sales. Motorola provided an outlook for fourth quarter 2005 sales between $10.3-10.5 billion and earnings per share of $0.32-0.34.
Motorola reported its third-quarter 2001 results, which included a reduction in its pro forma operating loss compared to the previous quarter. While sales and earnings were down year-over-year, Motorola's wireless handset business returned to profitability. Motorola also reduced its net debt by $2.4 billion in the quarter. However, Motorola incurred large charges related to investment impairments, cost reductions, and additional reserves for a defaulted loan to Telsim, resulting in a reported net loss of $1.4 billion for the quarter. Motorola planned to continue cost controls and balance sheet strengthening during an uncertain economic period.
This document summarizes Motorola's financial results for Q4 2001 and full year 2001. It reports that Q4 sales from ongoing operations were $7.3 billion, down 25% from the prior year. The net loss was $90 million excluding special items. For the full year, sales from ongoing operations were $29.5 billion, down 19% from 2000, with a net loss of $697 million excluding special items. Several business segments saw declining sales and profits. Motorola expects losses in the first half of 2002 but to return to profitability in the second half as markets recover.
Motorola announced record third-quarter sales of $10.6 billion, up 17% year-over-year. Net earnings were $0.39 per share including $0.10 from discontinued operations. Mobile Devices sales increased 26% to $7.03 billion with operating earnings of $819 million. Networks and Enterprise sales rose slightly to $2.78 billion with operating earnings of $378 million. Connected Home Solutions sales increased 9% to $812 million with operating earnings of $21 million. Motorola expects fourth-quarter sales between $11.8-12.1 billion.
Motorola reported first quarter 2002 results that exceeded expectations. While sales decreased 20% year-over-year excluding exited businesses, the company incurred a smaller net loss than the previous year. Several new products were introduced in personal communications. The company expects to return to profitability in the second half of 2002 as markets recover and break-even sales levels are reduced through cost cutting.
Q4 2007 Earnings Press Release and Financial Tablesfinance7
Motorola reported fourth-quarter sales of $9.65 billion and a net earnings of $0.04 per share, including charges that reduced earnings by $0.09 per share. For the full year, Motorola reported sales of $36.6 billion and a net loss of $0.02 per share, including charges that reduced earnings by $0.29 per share. Mobile Devices sales declined 38% in the quarter and 33% for the full year, while Home and Networks Mobility and Enterprise Mobility Solutions continued strong performance. Motorola expects a first-quarter loss from continuing operations of $0.05 to $0.07 per share.
- Motorola reported record first-quarter sales of $10.01 billion, up 23% from the previous year, and earnings per share of $0.27.
- Key results included record handset shipments of 46.1 million units and global handset market share of 21%.
- The Mobile Devices segment saw sales increase 45% and operating earnings increase 59% due to strong handset sales and market share gains.
- Motorola announced plans to sell its automotive business and streamline operations to improve efficiency and reduce costs.
Motorola reported record sales and earnings for the fourth quarter and full year of 2005. Fourth quarter sales were $10.43 billion, up 18% from the previous year. Mobile device shipments reached 44.7 million units and global market share was estimated at 19%. For the full year, sales increased 18% to $36.84 billion. Mobile device shipments increased 40% to 146 million units for the year. The company expects first quarter 2006 sales to be between $9.3-9.5 billion.
Motorola announced record second quarter sales and earnings. Key highlights included:
- Record quarterly sales of $10.88 billion, up 29% from the previous year.
- Earnings of $0.55 per share, up 46% and 49% from the previous year.
- Record handset shipments of 51.9 million units and global handset market share of 22%.
- Mobile Devices segment set new records for unit shipments, sales, and profits.
Motorola reported record quarterly and annual sales and shipments. For the fourth quarter, sales were $11.8 billion, up 17% from the previous year. Shipments of mobile devices totaled 65.7 million units. Earnings from continuing operations were $0.21 per share, including charges. For the full year, sales reached a record $42.9 billion, up 22% compared to 2005. Motorola shipped a record 217.4 million mobile devices and expects first quarter 2007 sales to be between $10.4-10.6 billion.
Q1 2008 Earnings Press Release and Financial Tablesfinance7
Motorola reported first quarter 2008 results with a loss from continuing operations of $0.09 per share. Mobile Devices sales declined 39% year-over-year while Home and Networks Mobility grew 2%. The company also announced plans to separate into two independent publicly traded companies. Outlook for the second quarter forecasts a loss from continuing operations of $0.02 to $0.04 per share.
This document summarizes Samsung Electronics' earnings for Q4 2008. Key points include:
- Sales were KRW 63.18 trillion, down 4% YoY. Operating profit was KRW 5.94 trillion, down 30% YoY.
- Memory sales declined due to falling prices and weak demand. Handset sales increased but profits declined due to lower ASPs. LCD panel shipments decreased with weak demand.
- For 2009, Samsung expects the memory market to remain oversupplied in 1H but improve in 2H. Handset shipments are forecast to exceed 200 million units despite a contracting global market.
Motorola announced record fourth quarter sales and earnings from continuing operations. Sales increased 27% to $8.84 billion and earnings per share grew 56% to $0.28. Wireless handset shipments reached 31.8 million, a 42% increase over last year, gaining an estimated 3 points of global market share. For the full year, sales increased 35% to $31.3 billion and earnings per share grew 137% to $0.91. The company strengthened its balance sheet and ended the year with a record $5.4 billion net cash position.
Motorola held a conference call to discuss its fourth quarter 2001 earnings. The call included opening remarks from senior leadership. Ed Gams reviewed overall corporate results, noting a year-over-year decline in sales, earnings, and backlog. Mike Zafirovski then discussed the Personal Communications Sector results, highlighting year-over-year and sequential improvements in sales, shipments, margins, and profits due to new products and cost reductions. Zafirovski also provided an outlook expecting the mobile phone market and Motorola's market share to grow in 2002.
- Illinois Tool Works reported a loss of 6 cents per share in the first quarter of 2009 compared to earnings of 70 cents per share in the first quarter of 2008. Revenues declined 24% due to weak global end markets.
- The company recorded $90 million in impairment charges and $28 million in tax charges in the quarter. Excluding these charges, earnings would have been 17 cents per share.
- Cash flow from operations remained strong at $447 million in the quarter, driven by reductions in working capital. The company expects revenues to increase 5-11% in the second quarter and forecasts earnings of 25-37 cents per share.
The document provides opening remarks from a Motorola conference call discussing the company's third quarter 2001 earnings.
[1] Motorola reported a net loss of $153 million compared to a profit of $643 million the previous year, with sales decreasing 22% and manufacturing margin declining significantly.
[2] The Personal Communications sector sales increased 8% sequentially, with orders and backlog also up, though down 12% and 16% respectively from the previous year. Unit shipments were flat overall with gains in CDMA and iDEN offset by declines in GSM and TDMA.
[3] The semiconductor business continued to be impacted by the industry downturn, with market declines ongoing in the third quarter and
T-Mobile's integration of Sprint is going well and risks are narrowing. The company is on track to cover over 200M people with mid-band 5G by the end of 2021. The author projects strong subscriber growth for T-Mobile and market share gains over the next several years as its 5G network coverage expands. New opportunities in fixed wireless broadband and mobile edge computing could further increase T-Mobile's valuation beyond current estimates that only consider its traditional wireless business. The author's "Home Run Scenario" values T-Mobile reaching $294 per share by 2024 based on robust growth across both its core wireless segments and new 5G markets.
This document discusses T-Mobile's path forward and potential returns. It provides forecasts for T-Mobile's value, subscribers, revenue, EBITDA and other financial metrics from 2020-2024. It sees potential for T-Mobile to capture more industry growth through its 5G network buildout and disrupt competitors. Key risks include successful integration of Sprint and capitalizing on 5G opportunities through new services and avoiding complacency.
This document discusses T-Mobile's path forward and potential returns. It provides forecasts for T-Mobile's value, subscribers, revenue, EBITDA and other financial metrics from 2020-2024. It sees integration being completed successfully and the 5G network build outpacing competitors. It outlines a "Home Run Scenario" where T-Mobile captures most industry growth through 2024 by touting its nationwide 5G network coverage. This could increase T-Mobile's stock price to $294/share by 2024, representing a 73% IRR from current prices.
Sprint Nextel reported third quarter 2007 results with consolidated revenues of $10 billion, down 4% year-over-year. Net income was $64 million, down from $279 million in the third quarter of 2006. Wireless revenues declined 1% sequentially and 4% year-over-year to $8.7 billion, with a net loss of 60,000 subscribers. Wireline revenues declined 1% to $1.6 billion but profitability improved with adjusted operating income up 84% to $158 million. Sprint Nextel expects full-year capital investments to be in the mid $6 billion range, down from prior guidance of $7.2 billion.
Return on total capital for the trailing 12 months ended June 28, 2008 was 20.8%. Net earnings for the 4 fiscal quarters spanning September 29, 2007 to June 28, 2008 totaled $1,104,607. The average total capital over the last 5 quarters, consisting of long-term debt, short-term debt, and equity, was $5,303,913. Return on capital was calculated by taking net earnings for the 12 month period and dividing by the average total capital.
This document is Sysco Corporation's 2000 annual report. It summarizes that fiscal 2000 was Sysco's 30th anniversary as a public company and marked record sales of $19.3 billion, up 11% from the previous fiscal year. Key drivers of growth were increased sales to customers served by Sysco marketing associates and continued growth of Sysco Brand sales. The report discusses Sysco's strategy of pursuing both acquisitions and internal expansion to continue driving future success through offering customers a breadth of products and superior service.
1) SYSCO reported strong sales and earnings growth in fiscal year 2001, with sales topping $20 billion for the first time.
2) Net earnings increased over 30% compared to the previous year, and return on shareholders' equity reached 31%.
3) Growth was driven by acquisitions, internal expansion, and a focus on customer relationships through initiatives like C.A.R.E.S.
SYSCO is a food distribution company that supplies over 415,000 customers like restaurants, hospitals, and schools. In fiscal year 2002, SYSCO reported $23.35 billion in sales, a 7% increase from the previous year. Net earnings increased 14% to $679.78 million compared to fiscal year 2001. SYSCO has over 46,800 employees and operates from 142 locations across North America, helping their customers succeed by providing food and related products and services.
This annual report summarizes Sysco Corporation's financial performance for fiscal year 2003. Key highlights include:
- Sales increased 12% to $26.14 billion and net earnings increased 14% to $778.28 million.
- Diluted earnings per share increased 17% to $1.18.
- Return on average shareholders' equity was 36%.
- The company distributed products from 145 locations across North America to over 420,000 customer locations.
This document provides an annual report for Sysco Corporation for the fiscal year ending July 3, 2004. It includes financial highlights showing sales increased 12% to $29.3 billion and net earnings increased 17% to $907 million. It discusses challenges in the year from high product cost inflation of 6.3% and fuel costs. It outlines Sysco's focus on growing profitable customer businesses and improving customer relationships. It describes Sysco's national supply chain initiative including new regional distribution centers to enhance service and reduce costs. In closing, it expresses confidence in addressing economic uncertainty through its employees, products/services, and financial resources.
The passage discusses the importance of summarization in an age of information overload. It notes that with the massive amounts of data available online, being able to quickly understand the key points of lengthy documents, articles, or reports is crucial. The ability to produce clear, concise summaries helps people filter through large amounts of information and identify what is most important or relevant to them.
- SYSCO achieved record sales of $37.5 billion and record net earnings of $1.1 billion in fiscal year 2008 despite challenging economic conditions.
- The company's focus on supply chain efficiency and helping customers succeed through business reviews allowed it to contain costs while growing market share.
- SYSCO continues to invest in its business, people, facilities, fleet and technology to support long-term growth while exploring alternative energy sources.
This document summarizes reconciling items for 2001 by quarter and fiscal year. It reports reorganization costs of $19.1 million in Q2 2001, $11.7 million in Q3 2001, and $10.6 million in Q4 2001 for workforce reductions and facility consolidations worldwide. Special items include a $19.4 million write-off in Q3 2001 and $3.5 million impairment charge in Q4 2001. The total net reconciling items after tax was $42.1 million for fiscal year 2001.
This document shows the reconciliation between GAAP and non-GAAP operating income for different regions and worldwide for 2001. For each quarter and the full year, it provides the operating income under GAAP and non-GAAP measurements, as well as the reconciling items between the two. On a non-GAAP basis, operating income margins ranged from -1.25% to 1.23% by region for the full year.
This document provides a reconciliation of GAAP to non-GAAP financial metrics for 2001. For each quarter and full year, it shows gross sales, gross profit, operating expenses, operating income, net income, and diluted EPS under GAAP and non-GAAP after adjusting for reconciling items. The reconciling items reduced operating expenses and increased operating income, net income, and diluted EPS for the non-GAAP results compared to GAAP.
This document summarizes reconciling items for 2002 by quarter and fiscal year total. It includes reorganization costs, other major program costs, gains/losses on securities sales, and tax effects. Total net reorganization and other major program costs for the fiscal year were $116.6 million. A $280.9 million cumulative effect of a new accounting standard adoption was also recorded. The total net impact of reconciling items for the fiscal year was $350.2 million.
The document shows the reconciliation between GAAP and non-GAAP operating income for North America, Europe, Asia-Pacific, Latin America, and worldwide total for Q1 2002 through FY 2002. It provides the operating income under GAAP and non-GAAP measurements, as well as the reconciling items and non-GAAP operating income as a percentage of revenue for each region and time period.
This document provides a reconciliation of net income and earnings per share (EPS) between Generally Accepted Accounting Principles (GAAP) and non-GAAP measures for 4 quarters (Q1 2002 - Q4 2002) and the full fiscal year 2002 for an unnamed company. It shows that reconciling items reduced operating expenses and increased operating income, net income, and EPS under the non-GAAP measures compared to the GAAP measures.
This document summarizes reconciling items for 2003, including reorganization costs and other major program costs by quarter. Total reorganization costs for the year were $21.6 million. Other costs included in selling, general and administrative expenses were $23.3 million and costs of sales were $0.5 million. Pre-tax items totaled $45.4 million for the year. A favorable tax resolution of $70.5 million occurred in Q3 03. The total net effect was a $39.6 million benefit.
This document shows the operating income for different regions and worldwide both according to GAAP (Generally Accepted Accounting Principles) standards and on a non-GAAP basis for Q1 2003, Q2 2003, Q3 2003, Q4 2003 and FY 2003. It provides the figures in US dollars and also shows the operating income as a percentage of revenue. The non-GAAP operating income is higher due to reconciling items which are additional costs excluded from the non-GAAP calculation.
This document presents a bridge between GAAP and non-GAAP financial results for a company for 2003. It shows GAAP and non-GAAP results for net income, earnings per share, gross profit, operating expenses, operating income, and sales on a quarterly and full year basis. Reconciling items between GAAP and non-GAAP results include adjustments to operating expenses that increased non-GAAP operating income and net income compared to GAAP.
This document summarizes reconciling items for 2004 by quarter and fiscal year. It includes reorganization costs, other major program costs, foreign exchange gains and losses, and tax effects. Reorganization costs were credits in Q3 and Q4 2004 due to lower than expected facility consolidation costs. Foreign exchange gains stemmed from a currency contract for an acquisition. A favorable tax resolution in Q3 and Q4 2004 reversed previously accrued federal and state income taxes. The total net tax effect for the fiscal year was a credit of $58.8 million.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. Ed Gams, Senior Vice President of Investor Relations Dennis Olis, Director of Investor Relations
847-576-6873 847-576-4995
Motorola Reports Third-Quarter 2003 Financial Results
• Third-quarter sales of $6.8 billion, up 5 percent vs. the prior-year quarter
• Third-quarter GAAP earnings of $.05 per share vs. earnings of $.05 per
share in the prior-year quarter
• Third-quarter earnings, excluding special items, of $.06 per share vs.
earnings of $.06 per share in the prior-year quarter
• Third-quarter positive operating cash flow of approximately $1.1 billion
• Ratio of net debt to net debt plus equity improved to 9.1 percent from
21.1 percent in the prior-year quarter1
• Fourth-quarter 2003 guidance:
– Sales: $7.5 to $7.8 billion vs. $7.7 billion in the prior-year quarter
– GAAP earnings per share: $.08 to $.12 per share vs. $.08 per share
in the prior-year quarter
– Earnings per share, excluding special items: $.11 to $.15 per share
vs. $.13 per share in the prior-year quarter
SCHAUMBURG, ILL. – October 13, 2003 – Motorola, Inc. (NYSE: MOT) today reported
sales of $6.8 billion in the third quarter of 2003 and net earnings of $116 million, or $.05
per share, presented in accordance with generally accepted accounting principles
(GAAP). This represents an increase in sales of 5 percent from $6.5 billion in the year-
ago quarter. Motorola reported net earnings in the year-ago quarter of $111 million, or
$.05 per share.
Excluding special items, Motorola had net earnings in the third quarter of 2003 of $132
million, or $.06 per share, compared with net earnings of $133 million, or $.06 per
share, in the year-ago quarter. In the third quarter of 2003, Motorola reported special
items resulting in a net charge of $27 million pre-tax, or $16 million after-tax. In the third
quarter of 2002, Motorola reported special items resulting in net income of $14 million
pre-tax, with a net special-item charge of $22 million after-tax. Details of the special
items are presented in a table at the end of this press release.
Mike Zafirovski, president and chief operating officer, said, quot;Overall, the third quarter
was a strong quarter for Motorola and one that signals some positive momentum in key
aspects of our business. We again generated positive operating cash flow, for the 11th
1
A definition of the ratio of net debt to net debt plus equity is provided at the end of this release.
1
2. quarter in a row, reduced our net debt significantly, and increased sales 5% and orders
25% versus the prior year. Versus the prior year, four of our six major segments had
increased sales and three had increased operating earnings, excluding special items.
Versus the second quarter of 2003, all six segments had higher sales and five had
higher operating earnings, excluding special items. We are now seeing early results
from the decisive actions taken in a very difficult telecom and semiconductor global
environment over the last three years.
Zafirovski reviewed the results of Motorola’s six major segments for the third quarter of
2003 compared with the third quarter of 2002.
Personal Communications Segment
Personal Communications Segment (PCS) sales were $2.9 billion, up 8 percent
compared with the year-ago quarter, and orders increased 44 percent to $3.7 billion.
Handset unit shipments were 20.2 million, up approximately 19 percent compared with
the third quarter of 2002.
The segment reported operating earnings of $147 million, presented on a GAAP basis,
compared with operating earnings of $241 million in the year-ago quarter. Excluding
special items, the segment reported operating earnings of $165 million, compared with
operating earnings of $225 million in the year-ago quarter.
The increase in sales was driven by strengthened demand for handsets in the
Americas. Sales in Asia decreased as competition remains intense in China, where
despite a decrease in market share Motorola remained the market-share leader.
Orders showed very strong growth in Europe, Asia, and Latin America. In North
America, where Motorola retained its position as the market-share leader, orders were
up.
The segment’s year-over-year decrease in operating earnings was almost entirely
attributable to the Asian market. Increased competition in that market has adversely
affected Motorola’s market share and caused pressure on average selling prices.
The following table provides a reconciliation of GAAP operating earnings to operating
earnings excluding special items:
Third Quarter Nine Months
(Dollars in millions) 2003 2002 2003 2002
GAAP operating earnings $ 147 $ 241 $ 352 $ 209
Special items income (expense):
Employee severance (9) 2 2 (52)
Fixed asset impairments (10) 9 (3) (128)
Potentially uncollectible finance
receivables from Telsim - - - (125)
Other 1 5 2 11
Operating earnings excluding special items $ 165 $ 225 $ 351 $ 503
2
3. Worldwide, the segment has been transitioning its handset portfolio as new products
launch with such features as large color displays, integrated cameras, photo-messaging
capabilities, push-to-talk (PTT) functionality, video-streaming and quad-band
connectivity. These new innovations and experiences are enjoying increasingly broad
appeal and driving growth opportunities in key markets.
During the third quarter, PCS began shipping 17 new handsets – 11 featuring color
displays and five of those models featuring integrated cameras. Combined with the
existing portfolio of such popular handsets as the Motorola T720, V60, V120c, and i95cl,
newly launched products and experiences place Motorola in a solidly competitive
position going into the holiday sales season.
PCS launched the following new products during the third quarter, categorized by
wireless technology: five handsets designed for the Global System for Mobile
Communications (GSM) standard; seven for the Code Division Multiple Access (CDMA)
standard; three for the Time Division Multiple Access (TDMA) standard; one for the
Universal Mobile Telecommunications Standard (UMTS); and one for iDEN® integrated
digitally enhanced networks.
During the fourth quarter, PCS expects to launch at least 18 new products – 15
featuring color displays and eight of those models featuring integrated cameras. Ten of
these handsets are designed for the GSM standard; three for the CDMA standard; three
for iDEN networks and two for the UMTS standard. On October 10, Motorola began
shipping the A835 UMTS handset to Hutchison’s “3” business unit for consumers in
Europe and Asia. This is the ninth integrated-camera handset currently available in
Motorola’s product portfolio.
In addition to delivering new integrated-camera handsets and innovations that extend
and expand the PTT market, PCS announced the Motorola MPx200 – the first handset
by a major wireless company to offer the Windows Mobile™ operating system.
Motorola was joined globally by Microsoft, and by Orange Group in Europe and AT&T
Wireless in North America, for the introduction of the new handset.
Semiconductor Products Segment
Semiconductor Products Segment (SPS) sales were $1.2 billion, down 4 percent
compared with the year-ago quarter. Orders increased 8 percent to $1.4 billion. The
reduction in sales is primarily attributed to the segment's networking and wireless
markets and was due to continued constraint of capital expenditures in the telecom
market, as well as to increased competition in the wireless handset market.
The segment reported an operating loss of $76 million presented on a GAAP basis,
compared with operating earnings of $13 million in the year-ago quarter. Excluding
special items, the segment reported an operating loss of $55 million, compared with
operating earnings of $12 million in the year-ago quarter. The operating loss compared
with operating earnings in the year-ago quarter was largely the result of lower sales
volume.
3
4. The following table provides a reconciliation of GAAP operating earnings (loss) to
operating earnings (loss) excluding special items:
Third Quarter Nine Months
(Dollars in millions) 2003 2002 2003 2002
GAAP operating earnings (loss) $ (76) $ 13 $ (322) $ (1,533)
Special items income (expense):
Employee severance (33) - (44) (18)
Fixed asset impairments 12 1 (21) (1,139)
Other - - 6 (80)
Operating earnings (loss) excluding special
items $ (55) $ 12 $ (263) $ (296)
SPS announced it will supply chipsets for a wireless accessory for Nintendo Co., Ltd.’s
Game Boy® Advance and Game Boy Advance SP mobile games. The high-speed,
low-power chipsets will enable up to five players to compete – wirelessly.
Sony Corp. will use SPS’ i.MX applications processor in its new CLIÉ handheld devices
and Tapwave, Inc. chose i.MX chips for its new Zodiac™ mobile entertainment console.
The segment announced an agreement with Fujitsu Microelectronics Asia Pte. Ltd. to
port fingerprint sensing and recognition technology to i.MX devices, and debuted a new
member of the i.MX family, the i.MX21 multimedia processor.
An enhancement to SPS’ 2.5G Innovative Convergence™ wireless handset platform
was announced, offering global quad-band support and additional multimedia and
security features. More than a dozen merchant market customers, in addition to
Motorola’s Personal Communications Segment, have adopted the platform.
Siemens VDO Automotive AG will use SPS’ mobileGT™ platform and a Motorola
PowerPC™-based embedded processor for navigation systems. Other news for
automotive and industrial applications included the debut of hybrid controllers that
integrate signal processing and embedded flash memory on a single chip and can
operate at temperatures from -40 degrees to +125 degrees Celsius.
In networking, two additions to PowerQUICC™ communication processor families were
introduced, providing enhanced security features.
After the quarter closed, Motorola, Inc. announced its intent to move its semiconductor
operations into a separate publicly traded company.
Global Telecom Solutions Segment
Global Telecom Solutions Segment (GTSS) sales were $1.1 billion, up 2 percent
compared with the year-ago quarter, and orders increased 23 percent to $1.1 billion.
Orders increased in all regions, particularly in Asia.
4
5. The segment reported operating earnings of $61 million, presented on a GAAP basis,
compared with an operating loss of $22 million in the year-ago quarter. Excluding
special items, GTSS reported third quarter operating earnings of $55 million, compared
with operating earnings of $5 million in the year-ago quarter. The increase in operating
earnings was due to higher sales and benefits from prior restructuring actions.
The following table provides a reconciliation of GAAP operating earnings (loss) to
operating earnings (loss) excluding special items:
Third Quarter Nine Months
(Dollars in millions) 2003 2002 2003 2002
GAAP operating earnings (loss) $ 61 $ (22) $ 109 $ (599)
Special items income (expense):
Employee severance 6 (22) 23 (101)
Fixed asset impairments - (5) 6 (25)
Exit costs - - 3 (59)
Potentially uncollectible finance
receivables from Telsim - - - (401)
In-process research & development - - (32) -
Other - - - 1
Operating earnings (loss) excluding special
items $ 55 $5 $ 109 $ (14)
During the third quarter, China Mobile Communication Corporation (CMCC), the world’s
largest mobile operator, signed 13 contracts with GTSS that have an estimated total
value of $139 million. The agreements with CMCC cover a range of services including
GSM/GPRS capacity expansion and the Network Support Program (NSP). NSP is a
complete, integrated support package that includes technical support, hardware repair
or replacement, training, documentation, customer care managers and network reviews.
GTSS has signed its first agreement to pilot Motorola’s GPRS PTT solution with Fastlink
of Jordan. Group and individual PTT calls have been successfully demonstrated at
Fastlink’s facility in Amman. GTSS has agreements with carriers to launch its PTT
solution on both GPRS and CDMA2000 1X networks. The open architecture of
Motorola’s PTT solution enables operators to use any standards based infrastructure
equipment and any mobile terminal equipment modified to accept Motorola’s PTT
software client.
As part of a $50M expansion contract with M-Tel of Nigeria, GTSS announced the first
commercial deployment of its new GSM circuit core, the Motorola Telephony Server for
GSM (MTS-G). This expansion increases M-Tel’s capacity to more than 1.3 million
subscribers. The MTS-G is part of Motorola’s strategy of switching solutions that also
includes the introduction earlier this year of the Motorola SoftSwitch for CDMA (MSS-C),
further enhancing the portfolio of end-to-end network solutions for operators worldwide.
5
6. Commercial, Government and Industrial Solutions Segment
Commercial, Government and Industrial Solutions Segment (CGISS) sales were $1.0
billion, up 17 percent compared with the year-ago quarter, and orders increased
4 percent to $1.0 billion. The increase in sales and orders in the segment’s government
markets reflects significant activity in homeland security initiatives.
The segment reported operating earnings of $146 million, presented on a GAAP basis,
compared with operating earnings of $50 million in the year-ago quarter. Excluding
special items, the segment reported operating earnings of $152 million, doubling
operating earnings of $76 million in the year-ago quarter. The significant improvement
in operating earnings reflects higher sales volume, favorable product mix, benefits from
prior restructuring actions, and lower restructuring costs.
The following table provides a reconciliation of GAAP operating earnings to operating
earnings excluding special items:
Third Quarter Nine Months
(Dollars in millions) 2003 2002 2003 2002
GAAP operating earnings $ 146 $ 50 $ 322 $ 124
Special items income (expense):
Employee severance (7) (25) (27) (69)
Exit costs 1 - 3 9
Other - (1) 2 (4)
Operating earnings excluding special items $ 152 $ 76 $ 344 $ 188
CGISS continued to expand its global leadership in interoperable two-way radio
communications and information solutions for public safety and homeland security.
The State of Alaska and Motorola announced the completion of the concept
demonstration phase of a new statewide public-safety communications system – the
nation’s first digital wireless system to combine state, federal and local resources into a
single, shared, standards-based (Project 25) infrastructure supporting public-safety first
responders.
Additionally, CGISS was awarded Project 25-based contracts from Motor City Electric
for a $50 million system that will serve agencies in Detroit, Mich., and connect to
Michigan’s statewide public-safety communications system; and York and James City
Counties, Va., for a system that will enable interoperability between public-safety
agencies in the two counties and direct communications with nearby cities.
CGISS also expanded its leadership in the market for equipment compliant with the
TETRA (TErestrial Trunked RAdio) standard. Since first launching TETRA products,
Motorola has been awarded more than 90 TETRA contracts in more than 35 countries.
6
7. The MTH650 TETRA portable radio, which CGISS recently introduced, has been
selected by the Surrey Police in the U.K. and seven other public safety forces to date.
CGISS is deploying a nationwide integrated identification system for the Republic of
Serbia that will include an Automated Fingerprint Identification System (AFIS), facial
and photo imaging, and livescan fingerprint and palmprint scanning technologies.
CGISS also unveiled its Fireground Communications System, a mobile solution that
provides on-scene, automated information on firefighters to commanders supervising an
incident.
Integrated Electronic Systems Segment
Integrated Electronic Systems Segment (IESS) sales were $559 million, up 3 percent
compared with the year-ago quarter, and orders increased 9 percent to $613 million.
The segment reported operating earnings of $25 million, presented on a GAAP basis,
compared with operating earnings of $28 million in the year-ago quarter. Excluding
special items, the segment reported operating earnings of $35 million, compared
with operating earnings of $27 million in the year-ago quarter. The improvement in
operating earnings, excluding special items, was the result of increased sales and
benefits from cost reduction actions.
The following table provides a reconciliation of GAAP operating earnings to
operating earnings excluding special items:
Third Quarter Nine Months
(Dollars in millions) 2003 2002 2003 2002
GAAP operating earnings $ 25 $ 28 $ 95 $ 26
Special items income (expense):
Employee severance (10) 1 2 (21)
Exit costs - - 1 (19)
Fixed asset impairments - - - (22)
Other - - - 9
Operating earnings excluding special items $ 35 $ 27 $ 92 $ 79
Automotive Communications and Electronic Systems Group (ACES) sales and orders
were up compared with the same quarter a year ago. During the quarter, ACES
announced significant business awards with a combined value of more than $1 billion in
lifetime value over several years. The business awards are for several original
equipment manufacturers and commercial equipment manufacturers, as well as Tier 1
automotive suppliers in the area of telematics, chassis, powertrain control and interior
controls.
Energy Systems Group (ESG) sales were down while orders were up. ESG
experienced a strong demand for laptop-computer batteries.
7
8. Motorola Computer Group (MCG) sales and orders were up. MCG design activity for third-
quarter 2003 totaled 19 design wins at an estimated lifetime value of $117 million.
Broadband Communications Segment
Broadband Communications Segment (BCS) sales were $421 million, down 19 percent
compared with the year-ago quarter, while orders increased 6 percent to $409 million.
The decrease in sales is due primarily to the decline in capital spending by cable
service providers.
The segment reported operating earnings of $24 million, presented on a GAAP basis,
compared with operating earnings of $66 million in the year-ago quarter. Excluding
special items, the segment reported operating earnings of $24 million, compared with
operating earnings of $66 million in the year-ago quarter. The decline in operating
earnings, excluding special items, is primarily due to the decline in sales.
The following table provides a reconciliation of GAAP operating earnings (loss) to
operating earnings excluding special items:
Third Quarter Nine Months
(Dollars in millions) 2003 2002 2003 2002
GAAP operating earnings (loss) $ 24 $ 66 $ 88 $ (183)
Special items income (expense):
Employee severance - - 6 (23)
Intangible asset impairments - - - (326)
Exit costs - - (2) -
Other - - 4 2
Operating earnings excluding special items $ 24 $ 66 $ 80 $ 164
During the quarter, BCS began shipping its DCT6208 digital set-top, the cable industry’s
first fully integrated solution for High Definition TV (HDTV), personal video recording
(PVR), and advanced interactive features. Motorola also broadened its set-top portfolio
by announcing the DVi700 and DCT700 all-digital set-tops. Aster City in Poland is the
first operator in Europe to select the DVi700 for its all-digital upgrade in Warsaw.
BCS saw an increase in infrastructure deployments during the third quarter as it
received a commitment from Cox Communications, one of the leading U.S. cable
broadband providers, for its broadband services router (BSR 64000) CMTS/Router
platform. BCS also expanded its global infrastructure footprint with CMTS/router
commitments from Telenet of Belgium as well as optical transport commitments from
Altice of France, GrischaVision in Switzerland and Aster City.
Finally, BCS entered into an agreement with Iqara, a wholly owned subsidiary of British
Gas, plc, to build and initially operate a “Headend-In-The-Sky” platform in India and
Singapore, along with supplying digital set-tops and cable modems.
8
9. Review and Outlook
Christopher B. Galvin, chairman and chief executive officer, said, “Not since 1983, 20
years ago, has Motorola had such a strong balance sheet, as measured by net debt to
net debt plus equity. This is not by chance. We generated $1.1 billion of positive
operating cash flow this quarter. Operating cash flow at this level has only been
accomplished approximately five times in a quarter in the company's 75-year history. It
is the result of a new cash-focused culture established across the company over the last
three years.
“More significantly, we grew. Sales increased by 5 percent and orders increased by 25
percent versus a year ago.
“Today's financial results are but a few of the indicators of positive momentum that are
the result of three years of driving change across Motorola in the face of the most
difficult period in history for the telecom and semiconductor industries.
“In our opinion, the combination of Motorola's strongest balance sheet in 20 years, with
more than $7 billion in cash and cash equivalents; an expectation of continuing positive
cash flows; sales growth returning; an ongoing vigilance to cost control; new product
and technologies in the pipeline; a prospective separation of our semiconductor
business in a cash-generating transaction; and a hard-charging global Motorola team
suggests to us that we are on the path of increasing the credit worthiness of the
company in the future.
“Across the globe, selected industries and geographic regions have their individual
challenges, but the overall business environment seems to have stabilized and the tax
and low interest rate economic stimulus appears to be enhancing the prospect for slow
but emerging growth. Public carrier customers have been generating cash and
strengthening their balance sheets while focusing on new initiatives that will provide
them future sustaining difference. As a result capital investment by these customers is
beginning to return and will continue to do so out of the necessity to find differentiation
in their business models.
“After the quarter close in early October, the company announced that the Board of
Directors endorsed management’s recommendation that Motorola would focus on
communications and electronic systems, retaining the five sectors that serve these
global markets, and that our semiconductor activity could prosper as an independent
company. Additional information relating to the separation of Motorola's semiconductor
activity is being prepared for submission to the Securities and Exchange Commission.
“The combination of clear business portfolio choices and these stronger third-quarter
financial results represent substantive early indication of a reinvigorated Motorola and
they show the potential for continued profitable growth momentum.
“Rest assured that the Board of Director and I agree on our business portfolio choices,
although we may not share the same view of our pace, strategy and progress at this
9
10. stage of the turnaround. During this CEO management transition, this management
team is working energetically and collaboratively to assure my successor a formidable
platform on which continued growth can be built. Our objective is future growth and
generating increased shareholder value for Motorola.
“Our guidance for the fourth quarter is sales of between $7.5 and $7.8 billion and
earnings per share in the range of $.08 to $.12 on a GAAP basis and $.11 to $.15
excluding special items.”
Conference Call and Webcast
Motorola’s regular quarterly earnings conference call is scheduled to begin at 4:00 p.m.
Central Daylight Time (USA), on Monday, October 13, 2003. Motorola plans to do a live
webcast of the conference call over the Internet, featuring both audio and slides.
Investors can view the webcast at www.motorola.com/investor.
10
11. Consolidated GAAP Results
Comparison of results from operations is as follows:
Third Quarter Nine Months
(In millions, except per share amounts) 2003 2002 2003 2002
Net sales $ 6,829 $ 6,532 $ 19,035 $ 19,582
Gross margin 2,322 2,320 6,306 6,413
Operating earnings (loss) 263 341 564 (2,260)
Net earnings (loss) 116 111 404 (2,659)
Earnings (loss) per share 0.05 0.05 0.17 (1.17)
Weighted average common shares
outstanding 2,358.0 2,308.2 2,338.7 2,274.5
Consolidated Results Excluding Special Items
Excluding special items, a comparison of results from operations is as follows:
Third Quarter Nine Months
(In millions, except per share amounts) 2003 2002 2003 2002
Net sales $ 6,829 $ 6,532 $ 19,035 $ 19,582
Gross margin 2,321 2,340 6,294 6,481
Operating earnings 302 287 543 300
Net earnings (loss) 132 133 172 (12)
Earnings (loss) per share 0.06 0.06 0.07 (0.01)
Weighted average common shares
Outstanding 2,358.0 2,308.2 2,338.7 2,274.5
11
12. Special Items Description
Motorola reported special items as follows:
(Dollars in millions, bracketed Third Quarter Nine Months
amounts represent income) 2003 2002 2003 2002
Employee severance, net of
reversals $ 48 $ 38 $ 40 $ 309
Exit costs, net of reversals (3) (2) (23) 86
Fixed asset impairments (2) (5) 36 1,350
Investment impairments 19 77 78 1,220
Intangible asset impairments - - - 326
In-process research and development
charges - - 32 11
Potentially uncollectible finance
receivables (Telsim) - - - 526
Iridium (8) (60) (100) (60)
Gains on sales of investments and
businesses, net (31) (37) (338) (72)
Other 4 (25) (4) 12
Pre-tax special items 27 (14) (279) 3,708
Income tax expense (benefit) (11) 36 47 (1,061)
After-tax special items $ 16 $ 22 $ (232) $ 2,647
Definition of Net Debt to Net Debt Plus Equity Ratio
The components of the Net Debt to Net Debt plus Equity ratio are as follows:
• Net Debt = Notes Payable and Current Portion of Long-term Debt plus Long-term
Debt minus Cash and Cash Equivalents minus Short-term Investments
• Net Debt plus Equity = Net Debt plus Stockholders’ Equity
The ratio is calculated as Net Debt divided by Net Debt plus Equity. The ratios
presented above of 9.1 percent and 21.1 percent as of the third quarter 2003 and 2002,
respectively, have been presented on a comparative basis and include the classification
of $486 million of Trust Originated Preferred Securities (“TOPrS”) in debt. The
reclassification of TOPrs into debt reflects the adoption of FAS 150 effective in the third
quarter of 2003. For GAAP purposes, FAS 150 does not permit the reclassification of
amounts into debt prior to the effective date. As a result, on a GAAP basis, the third
quarter of 2002 ratio, which excludes the TOPrS from the ratio, results in a Net Debt to
Net Debt plus Equity ratio of 18.3 percent.
Non-GAAP Measurements
In addition to the GAAP results provided throughout this document, the Company has
provided non-GAAP measurements, which present operating results on a basis excluding
special items. Details of the special items are presented in the table above.
Reconciliations from GAAP results to non-GAAP measurements described in this press
release are provided in the financial tables attached to this document. Also,
reconciliations from GAAP results to certain additional non-GAAP measurements that
12
13. may be discussed on the earnings conference call can be found on the Company’s
website at www.motorola.com/investor.
Additionally, in this earnings release the Company has provided guidance regarding
estimated future financial results on both a GAAP basis and on a basis excluding special
items. The Company expects to initiate cost-saving actions related to employee
severance and other cost-reduction initiatives that are expected to be recognized in the
financial results in the fourth quarter of 2003. These costs, which are expected to be
identified as special item charges during the fourth quarter of 2003, are expected to
represent approximately $.03 per share.
The Company has provided these non-GAAP measurements as a measure to help
investors better understand its core operating performance, enhance comparisons of
the Company's core operating performance from period to period and to allow better
comparisons of the Company's operating performance to that of its competitors. Among
other things, the Company's management uses the operating results excluding special
items to evaluate the performance of its businesses and to evaluate results relative to
incentive compensation targets. Investors should consider these non-GAAP measures
in addition to, and not in substitution for, or as superior to, measures of financial
performance prepared in accordance with GAAP.
Business Risks
Statements in this press release that are not historical facts are forward-looking
statements based on current expectations that involve risks and uncertainties. Such
forward-looking statements include, but are not limited to, the statements in quot;Review
and Outlookquot; and statements about the company's sales and earnings outlook, the
company's positioning for the upcoming holiday season, the proposed separation of
SPS and the impact of such a separation and the company’s future plans with respect
to its other businesses, and the expected completion of pending transactions. Motorola
wishes to caution the reader that the factors below and those on pages F-33 through F-
40 of the appendix to Motorola's Proxy Statement for the 2003 Annual Meeting of
Stockholders and in its other SEC filings could cause Motorola's actual results to differ
materially from those stated in the forward-looking statements. These factors include:
(1) the rate of recovery in the overall economy and the uncertainty of current economic
and political conditions; (2) the impact on our business of continuing hostilities in Iraq
and increased conflict in other countries; (3) the impact of increased competition in the
China handset market; (4) the company's ability to effectively carry out the planned
cost-reduction actions and realize the savings expected from those actions; (5) the
potential for unanticipated results from cost-reduction activities on the company's
performance, including productivity and the retention of key employees; (6) the lack of
predictability of future operating results; (7) the general economic outlook for the
telecommunications, semiconductor, broadband and automotive industries; (8) the
company's continuing ability to access the capital markets on favorable terms; (9)
demand for the company's products, including products related to new technologies;
(10) risks related to dependence on certain key manufacturing suppliers; (11) the
company's ability to increase profitability and market share in its wireless handset
13