SCHAUMBURG, Illinois -- Motorola Inc. has reported sales of $6.4 billion in the third quarter of 2002 and net earnings of $111 million, marking a return to profit after several quarters of losses. However, the company made its money on sales that decreased 14% from $7.4 billion in the same quarter a year earlier.
"Motorola continues to make steady progress on improving its profitability, led by the Personal Communications (PCS) and Semiconductor Products (SPS) segments. Operating earnings came in above our earlier estimates, despite lower than expected sales, as a result of improved customer orientation and the strong operational actions we have taken to date," said Mike Zafirovski, Motorola's president and chief operating officer, in a statement.
"We generated positive operating cash flow of approximately $125 million, which included the payment of approximately $150 million of restructuring-related liabilities. At the same time, we continue to invest in research and development, improving customer relationships, and bringing new products to market as we balance our focus on both short- and long-term results," he added.
The Personal Communications Segment (PCS) sales were $2.6 billion, down 2% compared to the year-ago quarter. Sales were up slightly, excluding the paging business that is being phased out. PCS reported operating earnings of $241 million versus a loss of $233 million a year ago.
Sales in Motorola's Semiconductor Products Segment were $1.2 billion, up 13% compared to the year-ago quarter. Double-digit order growth was reported in all three business groups: wireless and broadband; networking and computing; and transportation and standard products, the company said.
Motorola's semiconductor operations achieved operating earnings of $13 million versus a loss of $418 million in the comparable year-ago quarter. The segment's return to positive operating earnings was due to the increase in sales and improved gross margin, the company said.
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