CIMdata PLM Industry Summary Online Archive
31 October 2013
Financial News
Trimble Reports Third Quarter 2013 Revenue of $556.5 Million, GAAP EPS of $0.21 and Non-GAAP EPS of $0.39
Trimble announced third quarter 2013 revenue of $556.5 million, up 10 percent as compared to the third quarter of 2012.
GAAP operating income for the third quarter of 2013 was $63.0 million, or 11.3 percent of revenue, as compared to 12.6 percent of revenue in the third quarter of 2012.
GAAP net income for the third quarter of 2013 was $54.5 million, up 2 percent as compared to the third quarter of 2012. Diluted GAAP earnings per share in the third quarter of 2013 were $0.21, flat with the third quarter of 2012. The tax rate for the third quarter of 2013 was 14 percent as compared to 19 percent in the third quarter of 2012.
Non-GAAP operating income for the third quarter of 2013 was $118.2 million, or 21.2 percent of revenue, compared to $105.3 million, or 20.9 percent of revenue, in the third quarter of 2012.
Non-GAAP net income of $101.9 million for the third quarter of 2013 was up 17 percent as compared to the third quarter of 2012. Diluted non-GAAP earnings per share were $0.39 in the third quarter of 2013, as compared to diluted non-GAAP earnings per share of $0.34 in the third quarter of 2012.
Third quarter 2013 non-GAAP results included the following adjustments as compared to the third quarter of 2012:
- Restructuring expense of $39 thousand as compared to $361 thousand;
- Amortization of intangibles of $41.6 million as compared to $31.4 million;
- Stock-based compensation expense of $8.9 million as compared to $7.7 million;
- Acquisition-related inventory step-up charge of $378 thousand as compared to $547 thousand;
- Acquisition and divestiture costs of $2.9 million as compared to $1.5 million;
- Litigation settlement of $1.3 million as compared to no cost in the third quarter of 2012.
"While below our projected long-term growth rate, our third quarter revenue was consistent with our guidance for the quarter. Although the worldwide economic environment is expected to remain challenging into 2014 and a constraint to robust growth, we did see encouraging signs in the quarter, particularly in survey instruments, building construction and agriculture," said Steven W. Berglund, Trimble's president and chief executive officer. "These indicators support our view that our organic growth will step up in 2014 from the levels we have seen in 2013."
To view an unabridged version of this press release, visit: http://www.trimble.com/news/release.aspx?id=103113a
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