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Thursday, October 29, 2009
Motorola Swings To Gain, Names New CFO
By Steve Gelsi
MarketWatch Pulse
NEW YORK - Motorola Inc. said Thursday it swung to a third-quarter gain of $12 million, or a penny a share, from a loss of $397 million, or 18 cents a share in the year-ago period. Excluding a charge of a penny a share for one-time items, Motorola earned 2 cents a share. Sales fell to $5.45 billion from $7.48 billion. Wall Street analysts expected breakeven earnings per share and sales of $5.55 billion, according to a survey by FactSet Research. Motorola expects fourth-quarter adjusted earnings of 7-to-9 cents a share, compared to the Wall Street target of 5 cents a share. Motorola also named Edward Fitzpatrick as chief financial officer. He had been acting CFO of the company since February.
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