UPDATE 3-Motorola Solutions' forecast disappoints, shares fall

* Forecasts sales growth 3-4 percent in 2011 first quarter

* Enterprise sales rose 23 percent in fourth quarter

* Revenue rises 13 percent to $2.246 billion

* Finances on track to return cash to shareholders -CEO

* Shares down 0.61 percent (Adds CEO, analyst comment)

By Liana B. Baker

NEW YORK, Jan 27 (Reuters) - Motorola Solutions Inc (MSI.N) forecast a weaker first quarter than Wall Street expected because of higher-than-anticipated expenses, sending its shares lower on Thursday.

In its first quarterly report as an independent company, the supplier of walkie-talkies and other wireless devices to companies and government agencies forecast sales growth of 3 percent to 4 percent in the first quarter of 2011. It said earnings from continuing operations would be 29 cents a share to 34 cents a share.

Motorola Solutions said this forecast excludes the portion of the Networks business that Nokia Siemens Networks plans to buy in the first quarter of 2011. [ID:nLDE70O049]

"First-quarter earnings guidance appears to be a little light," said CL King & Associates analyst Lawrence Harris.

Since Motorola Solutions spun off its wireless and set-top business in January, it must show shareholders that it can cut its expenses as a smaller company, he said.

"Solutions as a stand-alone business can't support the same level of overhead that existed previously," he said.

The company will improve its balance sheet, Chief Executive Greg Brown said in an interview. The sale of its networks business will bring in $1.1 billion after taxes, he added.

"Taking a look at our balance sheet, we acknowledge that there (are) opportunities... including returning capital to shareholders," Brown said.

The company posted a 13 percent increase in quarterly revenue as demand for its wireless equipment rose.

Motorola Solutions' revenue rose to $2.246 billion from $1.983 billion a year earlier, had it been a separate company then. Government sales rose 9 percent to $1.5 billion and enterprise sales were up 23 percent to $772 million.

It posted $279 million from operating earnings, compared with $250 million a year ago.

The company's profit was 14 cents per share, prior to the spinoff of its handset and set-top business in January. It said it could not provide a net income for Motorola Solutions alone.

Motorola Inc split on Jan. 4 to form Motorola Solutions and Motorola Mobility MMI.N, the handset and set-top box business. [ID:nN04227595]

Motorola Solutions' shares fell 0.61 percent to $39 on the New York Stock Exchange. (Reporting by Liana B. Baker and Sinead Carew. Editing by Dave Zimmerman, Maureen Bavdek and Robert MacMillan)