Stock Analysis on Net
Stock Analysis on Net

Motorola Solutions Inc. (NYSE:MSI)

$22.49

This company has been moved to the archive! The financial data has not been updated since August 1, 2024.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Motorola Solutions Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net sales from products
Net sales from services
Net sales
Costs of products sales
Costs of services sales
Costs of sales
Gross margin
Selling, general and administrative expenses
Research and development expenditures
Intangibles amortization
Reorganization of businesses
Legal Settlements
Fixed asset impairments
Gain on sale of property, plant, and equipment
Environmental reserve expense
Exit of video manufacturing operations
Operating lease asset impairments
Acquisition-related transaction fees
Gain on Hytera legal settlement
Other
Other charges
Operating earnings
Interest expense
Interest income
Interest expense, net
Gains (losses) on sales of investments and businesses, net
Net periodic pension and postretirement benefit
Loss from the extinguishment of long-term debt
Gains from the extinguishment of 2.00% senior convertible notes
Investment impairments
Foreign currency gain (loss)
Gain (loss) on derivative instruments
Gains (loss) on equity method investments
Fair value adjustments to equity investments
Gain on TETRA Ireland equity method investment
U.S. pension settlement
Other
Other, net
Other expense
Net earnings before income taxes
Income tax expense
Net earnings
Earnings attributable to noncontrolling interests
Net earnings attributable to Motorola Solutions, Inc.

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The financial performance exhibits several notable trends over the five-year period.

Net Sales
Overall net sales increased consistently from 7,887 million USD in 2019 to 9,978 million USD in 2023. Product sales and service sales both showed growth, with product sales rising from 4,746 million USD to 5,814 million USD, and service sales increasing from 3,141 million USD to 4,164 million USD over the same period.
Costs
Costs of sales rose in line with sales, increasing from 3,956 million USD in 2019 to 5,008 million USD in 2023. Product costs fluctuated but generally increased, while costs of services sales incrementally increased yearly.
Gross Margin
Gross margin reflected positive growth, rising from 3,931 million USD in 2019 to 4,970 million USD in 2023, indicating improved profitability at the gross level despite rising costs.
Operating Expenses
Selling, general, and administrative expenses showed moderate growth, moving from 1,403 million USD to 1,561 million USD. Research and development expenditures increased steadily from 687 million USD to 858 million USD, highlighting ongoing investment in innovation.
Non-Operating Items and Special Charges
Intangibles amortization generally trended downward in 2023 after a steady increase till 2022. Reorganization and legal settlement costs remain relatively low and fluctuating. Charges related to impairments and other operational disruptions appeared sporadically, with occasional gains such as a notable gain on the Hytera legal settlement in 2022. Other charges and expenses showed some variability but no clear trend.
Operating Earnings
Operating earnings showed resilience and growth, from 1,581 million USD in 2019 to 2,294 million USD in 2023, reflecting enhanced operational efficiency and profitability.
Interest and Investment Income/Expense
Net interest expense stayed relatively stable around the low 200 million USD range. Gains and losses on investments and equity method activities displayed volatility, with some positive impacts in select years.
Other Income/Expense
Other net items exhibited significant variability, including one-time expenses in 2019, but generally moved towards positive contributions by 2023.
Net Earnings
Net earnings demonstrated a strong upward trajectory, increasing from 871 million USD in 2019 to 1,714 million USD in 2023, supported by revenue growth, margin improvements, and controlled expenses.
Income Tax Expense
The income tax expense fluctuated considerably, with a notable increase in 2023 to 432 million USD, which impacted net earnings after tax but did not impede overall growth.

In summary, the data reflects consistent revenue growth supported by increased sales in both products and services. Costs have risen but at a slower pace than sales, enabling improved margins. Operating expenses increased modestly; however, operating earnings grew significantly, underpinned by higher gross margins and effective cost management. Despite volatility in non-operating items and tax expenses, net earnings consistently trended upward, indicating positive underlying profitability trends.