Motorola Solutions adds $1bn to buyback program, brings total to $3bn

Motorola Solutions Inc.'s board approved the addition of up to $1 billion toward the company's stock buyback program, bringing the total authorized for repurchase up to $3 billion.

After repurchases of roughly $1.1 billion through Dec. 31, Motorola Solutions said it will have up to about $1.9 billion to use for potential buybacks this year.

The provider of public safety radios, handheld scanners and telecommunications network gear was created last year in the split of Motorola Inc., which spun off the higher-profile mobile-devices and TV-set-top-box operations into Motorola Mobility Holdings Inc.

Fourth-quarter earnings reported last week fell 37% as charges and the sale of the company's networks business masked stronger-than-expected revenue growth. The company also reported it expects sales growth to slow to 5% this year, compared with 8% in 2011.

Shares closed Friday at $45.80 and were inactive in premarket trade. Through the close, the stock is down 1.1.% since the start of the year.

Source: Total Telecom