Motorola Phone Segment Posts Q1 Gain
Staff -- TWICE, 5/13/2002
Schaumburg, Ill.— Although Motorola overall posted its fifth consecutive quarterly loss, the wireless communications company said its personal communications segment, which includes its wireless phone business, recorded a 1 percent sales increase in the first quarter, hitting $2.3 billion, compared with $2.28 billion in the year-ago period.
The personal communications segment reported operating earnings of $108 million, excluding special items, in the first quarter ended March 30, compared with a $382 million operating loss in the same quarter in 2001. The increase was credited to lower costs and expenses during the first quarter, and it was the segment's third consecutive quarter of positive operating earnings.
Segment orders were $2.5 billion, down 11 percent year over year.
Overall company sales for ongoing operations in the first quarter dropped 20 percent, to $6 billion, compared with $7.5 billion year over year. Excluding special items, the company recorded a net loss of $174 million in the first quarter, compared with a net loss of $211 a year ago.
