Motorola Solutions Inc (NYSE:MSI) stock rose 6.07% (As on November 8, 11:17:30 AM UTC-4, Source: Google Finance) after the company raised its full-year revenue and profit forecasts, as clients turn to the firm for its security-focused telecommunication products. The Products and Systems Integration segment grew 11%, driven by growth in Land Mobile Radio Communications (“LMR”). The Software and Services segment grew 7%, driven by growth in Video Security and Access Control (“Video”) and Command Center, partially offset by lower revenue in the U.K. related to the Airwave Charge Control and the exit from the Emergency Services Network (“ESN”) contract. Excluding the U.K. Home Office, Software and Services grew 13% with growth in all three technologies. Non-GAAP operating margin was 29.7% of sales, up 70 basis points from 29.0% in the year-ago quarter. Operating cash flow was $759 million, compared to $714 million in the year-ago quarter and free cash flow was $702 million, up from $649 million in the year-ago quarter. The company ended the quarter with backlog of $14.1 billion, down 1% or $178 million from the year-ago quarter. Products and Systems Integration segment backlog was down $712 million, or 15%, driven primarily by strong LMR shipments. Software and Services segment backlog was up $534 million, or 6%, driven by strong demand in all three technologies and favorable foreign currency rates, partially offset by the revenue recognition for the U.K. Home Office.

Additionally, the company closed the acquisitions of Noggin and a provider of vehicle location and management solutions in the financial services vertical for $223 million, net of cash acquired, and settled $313 million of senior notes that were due within the quarter. Subsequent to the quarter, the company acquired an international provider of Command Center software solutions, for $22 million, net of cash acquired.

MSI in the third quarter of FY 24 has reported the adjusted earnings per share of $3.74, beating the analysts’ estimates for the adjusted earnings per share of $3.38, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 9 percent to $2.79 billion in the third quarter of FY 24, beating the analysts’ estimates for revenue of $2.76 billion. This is driven by growth in North America and International. Revenue from acquisitions was $36 million and currency headwinds were $4 million in the quarter.

The Chicago-based company expects fiscal 2024 revenue growth of 8.25%, up from its earlier forecast of about 8%. It sees adjusted per-share earnings in the range of $13.63 and $13.68, also up from its earlier forecast of $13.22 to $13.30 per share.