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| Subject: Motorla update--Fourth Quarter 2002 Full Year 2003 | |
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Author: anonymous |
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Date Posted: 07:29:43 10/16/02 Wed http://www.stockhouse.com/news/news.asp?newsid=1356295&tick=MOT ----------------------------------------------------------- Fourth Quarter 2002 Full Year 2003 ----------------------------------------------------------- SCHAUMBURG, Ill., Oct 16, 2002 /PRNewswire-FirstCall via COMTEX/ -- Motorola, Inc. (NYSE: MOT) said today it now expects sales in the fourth quarter of 2002 to be approximately $7.1 billion. ----------------------------------------------------------- Calculated in accordance with generally accepted accounting principles (GAAP), which does not exclude special items, the company now expects to achieve earnings of approximately 4 cents per share in the fourth quarter of 2002. Estimated GAAP earnings for the fourth quarter of 2002 include net charges of approximately $200 million relating to previously announced restructuring actions. However, it is extremely difficult to predict any additional special items of expense or income that may be required during the fourth quarter of 2002. Accordingly, these estimates do not contemplate additional special items or unforeseen political or economic disruptions. ----------------------------------------------------------- On an operating basis, excluding net special items, the company now expects to achieve earnings of approximately 10 cents per share in the fourth quarter of 2002. ----------------------------------------------------------- The company currently expects sales for the full year 2003 to be approximately $27.5 billion. The company now believes that if sales are at this level, earnings of 40 cents per share for the full year 2003 are achievable, barring any unforeseen political or economic disruptions or other events that cause the company to record special items of expense or income. ----------------------------------------------------------- The company's previous guidance for the fourth quarter of 2002 was for sales of approximately $7.5 billion, GAAP earnings of approximately 10 cents per share and operating earnings, excluding special items, of approximately 14 cents per share. The company's previous guidance for the full year 2003 was for sales of approximately $29 billion, and, with sales at that level, that the consensus estimate of earnings of 45 cents per share was achievable. ----------------------------------------------------------- The company's lowered revenue and earnings guidance is driven by slowing industry demand in a number of the company's end markets, in particular the wireless infrastructure, broadband and semiconductor businesses. ----------------------------------------------------------- Business Risks ----------------------------------------------------------- Statements about the company's sales and earnings outlook are forward- looking statements based on current expectations that involve risks and uncertainties. Motorola wishes to caution the reader that the factors below and those on pages F-35 through F-40 of the appendix to Motorola's Proxy Statement for the 2002 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: (i) the company's ability to effectively carry out the planned cost-reduction actions and realize the savings expected from those actions; (ii) the potential for unanticipated results from cost-reduction activities on the company's performance, including productivity and the retention of key employees; (iii) the rate of the recovery in the overall economy and the uncertainty of current economic and political conditions; (iv) the impact of ongoing tax relief, interest rate reduction and liquidity infusion efforts to stimulate the economy; (v) the impact on the company's business of increased conflict with Iraq or other countries; (vi) lack of predictability of future operating results; (vii) the general economic outlook for the telecommunications, semiconductor and broadband industries; (viii) the company's continuing ability to access the capital markets on favorable terms; (ix) demand for the company's products, including products related to new technologies; (x) the company's ability to continue to increase profitability and market share in its wireless handset business; (xi) the company's success in the 3G market; (xii) the demand for vendor financing and the company's ability to provide that financing in order to remain competitive; (xiii) unexpected liabilities or expenses, including unfavorable outcomes to any currently pending or future litigation, including any relating to the Iridium project; (xiv) the levels at which design wins become actual orders and sales; (xv) the success of alliances and agreements with other companies to develop new products, technologies and services; (xvi) difficulties in integrating the operations of newly-acquired businesses and achieving strategic objectives, cost savings and other benefits; (xvii) volatility in the market value of securities held by the company; (xviii) the impact of foreign currency fluctuations; and (xix) the impact of changes in governmental policies, laws or regulations. ----------------------------------------------------------- About Motorola ----------------------------------------------------------- Motorola, Inc. (NYSE: MOT) is a global leader in providing integrated communications and embedded electronic solutions. Sales in 2001 were $30 billion. For more information, please visit: www.motorola.com . ----------------------------------------------------------- SOURCE Motorola, Inc. ----------------------------------------------------------- Scott Wyman of Motorola, +1-847-576-2346, scott.wyman@motorola.com /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020307/MOTLOGO http://www.newscom.com/cgi-bin/prnh/20020415/MOTNOTAGLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840 ----------------------------------------------------------- http://www.motorola.com ----------------------------------------------------------- [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Re: Motorla-Fourth Quarter 2002 Full Year 2003 ecluding special items 10c per share | anonymous | 07:43:57 10/16/02 Wed |