CIMdata PLM Industry Summary Online Archive
30 April 2013
Financial News
Trimble Reports First Quarter 2013 Results
Trimble announced first quarter 2013 revenue of $556.1 million, up 11 percent as compared to the first quarter of 2012.
GAAP operating income for the first quarter of 2013 was $56.5 million, down 6 percent as compared to the first quarter of 2012. GAAP operating margin in the first quarter of 2013 was 10.2 percent of revenue as compared to 11.9 percent of revenue in the first quarter of 2012.
GAAP net income for the first quarter of 2013 was $49.8 million, down 2 percent as compared to the first quarter of 2012. Diluted earnings per share in the first quarter of 2013 were $0.19 as compared to diluted earnings per share of $0.20 in the first quarter of 2012. The tax rate was 10 percent for the first quarter of 2013 as compared to 17 percent in the first quarter of 2012. It should be noted that on March 21, 2013 the Company completed a 2:1 stock split.
First quarter 2013 non-GAAP operating income of $110.3 million was up 8 percent as compared to the first quarter of 2012. Non-GAAP operating margin was 19.8 percent of revenue as compared to 20.3 percent of revenue in the first quarter of 2012.
Non-GAAP net income of $97.9 million for the first quarter of 2013 was up 12 percent as compared to the first quarter of 2012. Diluted non-GAAP earnings per share in the first quarter of 2013 were $0.38, as compared to diluted non-GAAP earnings per share of $0.34 in the first quarter of 2012.
First quarter 2013 non-GAAP results are adjusted for the following:
- Restructuring expense of $1.7 million as compared to $526 thousand in the first quarter of 2012;
- Amortization of intangibles of $39.3 million as compared to $28.8 million in the first quarter of 2012;
- Stock-based compensation expense of $8.8 million as compared to $7.8 million in the first quarter of 2012;
- Acquisition-related inventory step-up charge of $603 thousand as compared to $8 thousand in the first quarter of 2012;
- Acquisition and divestiture costs of $3.0 million as compared to $5.2 million in the first quarter of 2012;
- No gain or loss on foreign currency exchange in the first quarter of 2013 as compared to $1.6 million loss on foreign currency exchange from a hedge associated with an acquisition in the first quarter of 2012;
"Our revenue growth in the quarter did not meet our expectation. While our original expectation anticipated conservative buying behavior by our users as a result of economic uncertainties, we were further impacted by the direct and indirect effects of the U.S. sequester and severe weather conditions in Europe and North America which delayed both the agricultural and construction seasons," said Steven W. Berglund, Trimble's president and chief executive officer. "In spite of the pressure on revenue, we maintained non-GAAP operating margins close to twenty percent and increased our non-GAAP gross margin compared to the first quarter of 2012. We do not believe the fundamentals of our markets have changed and our long term expectations remain unchanged. While we are cautious about second quarter prospects, we currently anticipate improved organic growth in the second half of 2013."
To view an unabridged version of this press release, visit: http://www.trimble.com/news/release.aspx?id=043013a
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