The Schaumburg, Illinois-based giant turned in sales of $7.5bn, up 3% on the year. GAAP net earnings were $174m, compared to last year’s loss of $1.2bn. Excluding special items, profits were $299m compared to a $90m loss last year.

For the full year, the company turned in sales of $26.7bn, down 10.7% on the year. For the full year the company made a GAAP net loss of $2.5bn, compared to a $3.9bn net loss last year. Excluding special items, it turned in full year earnings of $314m, compared to a loss of $697m a year ago.

The company’s guidance for the full 2003 year chimed in with earlier expectations. It expects sales of $27.5bn, with earnings per share of $0.40. However, in the first quarter, it expects earnings per share of break even to $0.02 on sales of $6bn to $6.2bn. Wall Street had been expecting earnings of $0.05.

Motorola said that excluding special items, all of its units showed positive operating earnings for the second consecutive quarter.

The company’s key Personal Communications Segment, which makes mobile handsets, reported sales up 11% to $3.3bn. The company turned in GAAP operating earnings of $294m versus $121m the previous year. Excluding special items operating earnings were $301m compared to $208m the previous year.

Semiconductor Product Segment sales were up 15% to $1.3bn, with GAAP operating earnings of $18m compared to an operating loss of $798m the previous year. Excluding special items, operating earnings were $9m, compared with an operating loss of $284m the previous year.

Motorola’s Global Telecom Solutions Segment saw sales drop 11% to $1.2bn. The unit made an operating loss of $22m on a GAAP basis, compared to a $334m loss the previous year. Excluding special items the unit saw operating earnings of $3m, compared to a loss of $109m the previous year.

Chairman and CEO Christopher Galvin, said the company was optimistic it would see modest growth this year. The world economies are today showing some underlying signs of a rebound, which if not significantly disrupted by world events, could have a favorable impact on our markets as customers move towards renewing their capital spending.

Source: Computerwire