Motorola reported 41% drop in earnings to $335 million for quarte...
Motorola reported 41% drop in earnings to $335 million for quarter ended Dec. 31 but said Thurs. that sales rose 11% to $10.1 billion. Company warned last month that quarterly sales and earnings would be lower than expected, in…
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part because of disappointing efforts to curb costs of wireless phone production. COO Robert Growney said company planned to take “further steps” to return to earnings growth this year. In conference call, company said handset sales were expected to lag into first half of 2001. Overall sales for 2000 were $37.56 billion, up from $32 billion in 1999, while earnings hit $1.9 billion, up from $1.4 billion. Personal communications sales edged up 1% to $3.5 billion for quarter, with orders of $2.9 billion down 20%. As result of “increased manufacturing costs,” profits for segment dropped to $76 million from $242 million year ago. While wireless phone sales were up significantly in Asia, “orders were down very significantly” in Europe, Motorola said. Telecom sales rose 19% to $2.1 billion in quarter. Broadband communications segment, which includes cable modems, saw sales climb 52% to $1.1 billion.