Motorola’s Q2 Profit And Revenue Beat Targets

Motorola Inc MOT announced that its profit for the second quarter rose sharply, exceeding the consensus, despite flattish revenue. The Schaumburg, Illinois-based company reported its net income for the quarter at $162 million, or $0.07 per share in the quarter, up from $26 million, or $0.01 per share, in the year ago quarter. Excluding one-time items, Motorola would have earned $0.09 per share. MOT’s revenue for the quarter came in at $5.41 billion, down 1.5% from $5.5 billion in the same quarter a year ago. The analysts were expecting the company’s earnings at $0.08 a share on revenue of $5.2 billion. Motorola's cell phone unit posted a profit after recording losses for several years. The profit was, however, partly attributed to a legal settlement. The company has projected its earnings for the third quarter at $0.10-$0.12 per share. This compares with the analysts expectation of $0.10 per share. MOT’s shares rose 1.30% to $7.78 in pre-market trading. Read more from Benzinga's Company news. Learn how to find the best stocks to trade each day in our 70 page E-Book and 90 minute online video for free.