Industry Summary Articles

Trimble today announced financial results for the second quarter of 2016.

Second quarter 2016 revenue of $609.6 million was up 4 percent as compared to the second quarter of 2015. Engineering and Construction revenue was $351.2 million, up 4 percent. Field Solutions revenue was $87.1 million, approximately flat. Mobile Solutions revenue was $138.1 million, up 8 percent. Advanced Devices revenue was $33.2 million, up 4 percent. Foreign currency translation had a neutral impact on company revenue compared to the second quarter of 2015. 

GAAP operating income was $40.5 million, up 13 percent as compared to the second quarter of 2015. GAAP operating margin was 6.7 percent of revenue as compared to 6.1 percent of revenue in the second quarter of 2015.   

GAAP net income was $35.7 million, up 38 percent as compared to the second quarter of 2015. Diluted GAAP earnings per share were $0.14 as compared to diluted GAAP earnings per share of $0.10 in the second quarter of 2015.

Non-GAAP operating income of $99.0 million was up 2 percent as compared to the second quarter of 2015. Non-GAAP operating margin was 16.2 percent of revenue as compared to 16.6 percent of revenue in the second quarter of 2015.

Non-GAAP net income of $74.1 million was flat as compared to the second quarter of 2015. Diluted non-GAAP earnings per share were $0.29 as compared to diluted non-GAAP earnings per share of $0.28 in the second quarter of 2015.

The GAAP tax rate for the quarter was 7 percent as compared to 28 percent in the second quarter of 2015, and the non-GAAP tax rate was 24 percent, unchanged from the second quarter of 2015. 

Operating cash flow for the first two quarters of 2016 was $192.5 million, down 6 percent as compared to the first two quarters of 2015. Deferred revenue for the second quarter of 2016 was $315.2 million, up 10 percent as compared to the second quarter of 2015.

During the second quarter, Trimble repurchased approximately $80 million of its common stock, and has repurchased approximately $92 million of its common stock year to date. Approximately $158 million remains under the current share repurchase authorization as of the end of the second quarter.

"Second quarter results were consistent with expectations and reinforced the trend towards higher revenue growth," said Steven W. Berglund, Trimble's president and chief executive officer. "Although Brexit and the outcome of the US elections have introduced new uncertainties, we continue to anticipate higher growth in the second half of 2016 which is expected to carry into 2017. Higher revenue growth, combined with our cost and portfolio rationalization efforts, will enable operating margin expansion."

To view the original press release, please click here.

Search for Trimble on CIMdata.com