CIMdata PLM Industry Summary Online Archive
1 November 2012
Financial News
Trimble Third Quarter Revenue of $504.8 Million Up 21 Percent and Non-GAAP Earnings Per Share of $0.68 Up 31 Percent Versus Prior Year
Trimble has announced third quarter revenue of $504.8 million, up 21 percent as compared to the third quarter of 2011.
GAAP operating income for the third quarter of 2012 was $63.5 million, up 96 percent as compared to the third quarter of 2011. GAAP operating margin in the third quarter of 2012 was 12.6 percent of revenue as compared to 7.8 percent of revenue in the third quarter of 2011.
GAAP net income for the third quarter of 2012 was $53.4 million, up 91 percent as compared to the third quarter of 2011. Diluted earnings per share in the third quarter of 2012 were $0.42 as compared to diluted earnings per share of $0.22 in the third quarter of 2011. The tax rate for both GAAP and non-GAAP results was 19 percent for the third quarter of 2012 as compared to 9 percent in the third quarter of 2011, primarily due to the geographical mix of pre-tax income and the absence of research and development tax credits.
Third quarter 2012 non-GAAP operating income of $105.3 million was up 44 percent as compared to the third quarter of 2011. Non-GAAP operating margin was 20.9 percent of revenue as compared to 17.5 percent of revenue in the third quarter of 2011.
Non-GAAP net income of $86.8 million for the third quarter of 2012 was up 32 percent as compared to the third quarter of 2011. Diluted non-GAAP earnings per share in the third quarter of 2012 were $0.68 as compared to diluted non-GAAP earnings per share of $0.52 in the third quarter of 2011.
Third quarter 2012 non-GAAP results are adjusted for the following:
- Restructuring expense of $361 thousand as compared to $694 thousand in the third quarter of 2011;
- Amortization of intangibles of $31.4 million as compared to $24.1 million in the third quarter of 2011;
- Stock-based compensation expense of $7.7 million as compared to $7.1 million in the third quarter of 2011;
- Acquisition-related inventory step-up charge of $547 thousand as compared to $1.4 million in the third quarter of 2011;
- Acquisition-related costs of $1.5 million as compared to $6.1 million in the third quarter of 2011;
- In the third quarter of 2012 there was no gain or loss on foreign currency exchange from a hedge associated with an acquisition as compared to a loss of $2.2 million in the third quarter of 2011.
"Third quarter results demonstrated both significant year-to-year organic revenue growth as well as non-GAAP operating margin expansion. It is particularly encouraging that all reporting segments participated in this progression," said Steven W. Berglund, Trimble's president and chief executive officer. "While current macro-economic uncertainties require us to remain cautious about near-term prospects, the quarter's results reinforce our expectation of sustainable market and financial success."
Segment operating income is revenue less cost of sales and operating expenses, excluding general corporate expenses, restructuring expenses, amortization of intangibles, amortization of acquisition-related inventory step-up charges and acquisition costs. Non-GAAP segment operating income also excludes the impact of stock-based compensation expense.
To view an unabridged version of this press release, visit: http://www.trimble.com/news/release.aspx?id=110112a
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