CORRECTION: Motorola Mobility Holdings Inc. Earnings: Loss Widens but Still Faring Better than Street Forecasts
S&P 500 (NYSE:SPY) component Motorola Mobility Holdings Inc. (NYSE:MMI) reported its results for the first quarter. Motorola Mobility develops innovative technologies, products, and services, including mobile and wireline technology, digital communication, information, and entertainment experiences.
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Motorola Mobility Holdings Earnings Cheat Sheet for the First Quarter
Results: Loss widened to $86 million (28 cents per diluted share) from $81 million (loss of 27 cents per share) in the same quarter a year earlier.
Revenue: Rose 1.5% to $3.08 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Motorola Mobility Holdings Inc. reported an adjusted net loss of 3 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 18 cents per share. It beat the average revenue estimate of $2.96 billion.
Quoting Management: “The introduction of RAZR MAXX marked another successful addition to the Motorola product family and contributed to our growth in smartphones. Our Home business delivered another solid quarter highlighted by improvement in year-over-year profitability,” said Sanjay Jha, chairman and chief executive officer, Motorola Mobility. “We continue to work closely with Google to complete the proposed merger during the first half of the year.”
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 8 cents versus a mean estimate of net income of 9 cents per share.
Looking Forward: The outlook for the company’s performance in the upcoming quarter is increasingly favorable. Over the past ninety days, the average estimate for the second quarter has risen from a loss 11 cents per share to a profit of 7 cents. The average estimate for the fiscal year has gone up in the last thirty days from a loss of 9 cents per share to a profit of 2 cents.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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