Motorola 2012 Annual Report Download - page 35
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27
Results of Operations
Years Ended December 31
(Dollars in millions, except per share
amounts) 2012
% of
sales** 2011
% of
sales 2010
% of
sales**
Net sales from products $ 6,363 $ 6,068 $ 5,616
Net sales from services 2,335 2,135 2,001
Net sales 8,698 8,203 7,617
Cost of product sales 2,844 44.7 % 2,723 44.9 % 2,523 44.9 %
Cost of service sales 1,506 64.5 % 1,334 62.5 % 1,282 64.1 %
Costs of sales 4,350 50.0 % 4,057 49.5 % 3,805 50.0 %
Gross margin 4,348 50.0 % 4,146 50.5 % 3,812 50.0 %
Selling, general and administrative
expenses 1,963 22.6 % 1,912 23.2 % 1,874 24.5 %
Research and development expenditures 1,075 12.4 % 1,035 12.6 % 1,037 13.6 %
Other charges 54 0.6 % 341 4.2 % 150 2.0 %
Operating earnings 1,256 14.4 % 858 10.5 % 751 9.9 %
Other income (expense):
Interest expense, net (66) (0.8)% (74) (0.9)% (129) (1.7)%
Gains on sales of investments and
businesses, net 39 0.4 % 23 0.3 % 49 0.6 %
Other (14) (0.2)% (69) (0.8)% (7) (0.1)%
Total other income (expense) (41) (0.5)% (120) (1.5)% (87) (1.2)%
Earnings from continuing operations
before income taxes 1,215 14.0 % 738 9.0 % 664 8.7 %
Income tax expense (benefit) 337 3.9 % (3) — % 403 5.3 %
Earnings from continuing operations 878 10.1 % 741 9.0 % 261 3.4 %
Less: Earnings (loss) attributable to
noncontrolling interests ——% (6) (0.1)% 17 0.2 %
Earnings from continuing operations* 878 10.1 % 747 9.1 % 244 3.2 %
Earnings from discontinued operations,
net of tax 3—% 411 5.0 % 389 5.1 %
Net earnings* $ 881 10.1 % $ 1,158 14.1 % $ 633 8.3 %
Earnings per diluted common share:
Continuing operations $ 2.95 $ 2.20 $ 0.72
Discontinued operations 0.01 1.21 1.15
$ 2.96 $ 3.41 $ 1.87
* Amounts attributable to Motorola Solutions, Inc. common shareholders.
** Percentages may not add due to rounding.