Motorola raises full-year forecasts on steady demand
Nov 7 (Reuters) -Safety and enterprise security services provider Motorola Solutions MSI.N raised its full-year revenue and profit forecasts on Thursday, as clients turn to the firm for its security-focused telecommunication products.
Shares of the company were up over 2.5% in extended trading.
Government agencies and businesses' efforts to strengthen security and communication infrastructure and prevent disruptions to operations caused by cyberattacks have benefited Motorola.
Motorola provides critical communications gear like walkie-talkies, video-surveillance cameras and software solutions, helping communities that the governments and businesses serve during emergencies.
The U.S. government and home office of the United Kingdom are Motorola Solutions' largest customers.
The Chicago-based company expects fiscal 2024 revenue growth of 8.25%, up from its earlier forecast of about 8%. It sees adjusted per-share earnings in the range of $13.63 and $13.68, also up from its earlier forecast of $13.22 to $13.30 per share.
Motorola's revenue for the third quarter ended Sept. 28 was $2.79 billion, while adjusted profit was $3.74 per share. These compare to analysts' estimate for revenue of $2.76 billion and adjusted profit of $3.38 per share, according to data compiled by LSEG.
Reporting by Juby Babu in Mexico City; editing by Alan Barona
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