Wednesday, January 22, 2003
Motorola Inc.'s semiconductor unit posted operating earnings of $18 million for the fourth quarter of 2003, boosted by a 15% increase in sales.
The company didn't face the huge one-time charges taken in the same quarter of 2002.
The Schaumburg, Ill., company said sales in its chip unit rose to $1.3 billion in the quarter ended Dec. 31, from $1.1 billion in the fourth quarter of 2002 when the unit reported an operating loss of $798 million.
The entire company reversed its year-ago fourth quarter loss, reporting net income of $174 million, or 8 cents a share for the latest quarter compared with a net loss of $1.2 billion in the fourth quarter of 2001. Sales rose 3%, to $76 billion from $7.3 billion, Motorola said.
The company said it is beginning to see the benefits of several cost-cutting actions taken over the last couple of years with sales rising and operating costs falling. In the last quarter, all of Motorola's six operating segments improved their sales and operating income.
"Our sales and profitability in the fourth quarter improved and provided further evidence that the operational actions we have taken in all aspects of Motorola during this multi-year turnaround effort are continuing to achieve positive results in what has been a difficult economic environment," said Mike Zaffirovski, Motorola's president and chief operating officer, in a statement.
The company said it expects first quarter sales to fall between $6 billion and $6.2 billion while earnings per share will be within break-even range to up 2 cents.
Total 2003 sales are seen at $27.5 billion, slightly higher than the $26.7 billion posted in 2002.
By: DocMemory
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