NEW YORK (CNN/Money) - Motorola Inc. anticipates a net profit in the third and fourth quarters, the company said Wednesday, a day after posting a net loss in the second quarter that was the largest in company history.

The company also cut its forecast for handset shipments by the mobile phone industry this year to 400 million from 420 million.

The new forecast indicates no change from the level of shipments in 2001.

Motorola, the world's No. 2 maker of cellular phone handsets, said it expects to achieve earnings, including one-time charges, of about 2 cents a share in the third quarter and 10 cents in the fourth quarter. Analysts polled by earnings tracker First Call anticipated a profit of 4 cents in the third quarter and 12 cents in the fourth quarter.

Schaumburg, Ill.-based Motorola, which disclosed its forecasts to analysts during a teleconference Wednesday morning, also said it expects third quarter sales of about $6.7 billion, and fourth quarter sales of about $7.5 billion.

For 2003, Motorola (MOT: up $0.89 to $15.42, Research, Estimates) expects earnings of 45 cents a share on sales of about $29 billion, absent any unforeseen political or economic disruptions.

Motorola posted its biggest ever net loss after the closing bell Wednesday, saying restructuring charges and other expenses contributed to a net loss of $2.3 billion, or $1.02 a share, in the second quarter. That's wider than the $759 million, or 35 cents a share, net loss it reported a year earlier.

However, the company managed to beat Wall Street forecasts excluding costs.  

-- from staff and wire reports