Financial results Sales from ongoing operations rose 17% in 2000 to $37.6 billion from $32.0 billion in 1999. Including sales from businesses sold in 1999, sales increased 14% from $33.1 billion a year ago. Full-year
net earnings from ongoing operations, excluding special items, were $1.9 billion, or 84 cents per share, up 38% from $1.4 billion, or 63 cents per share a year earlier. Including the earnings from businesses sold in 1999,
net earnings were up 29% from $1.5 billion, or 67 cents per share a year ago. Including special items and net earnings from businesses sold in 1999, net earnings were $1.3 billion, or 58 cents per share, compared
with $891 million, or 41 cents per share in 1999. The 1999 numbers are restated to reflect the merger with General Instrument Corporation and the 3-for-1 common stock split on June 1, 2000.
Motorola reported special items resulting in a net charge of $481 million, including net special charges of $770 million in the Personal Communications Sector (PCS) relating to the discontinuation
of older wireless telephone products as part of an ongoing product portfolio simplification strategy and the downsizing of various manufacturing operations. These items reflect some of the actions
that are necessary to improve PCS financial performance. Having anticipated a softening in economic activity, we began implementing cost reductions in the third and fourth quarters of 2000, and we
are taking additional actions in 2001. These actions have been designed to adjust our costs to softening global market conditions and, as the market recovers, to restore the trend of improved
profitability that we had achieved over the last two years. |
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