Trimble has announced financial results for the first quarter of 2014.
First Quarter 2014 Financial Highlights
- First quarter 2014 revenue of $604.7 million was up 9 percent as compared to the first quarter of 2013. Engineering and Construction revenue was $309.3 million, up 16 percent, with growth across all major product categories. Field Solutions revenue was $138.2 million, down 6 percent due primarily to weaker than expected sales of agriculture products, partially offset by an increase in Geographic Information System (GIS) sales. Mobile Solutions revenue was $118.6 million, up 8 percent due primarily to double-digit growth in sales of transportation and logistics solutions. Advanced Devices revenue was $38.7 million, up 22 percent. Revenue in all major regions grew despite a year-over-year drop in Russia.
- GAAP operating income was $75.7 million, up 34 percent as compared to the first quarter of 2013. GAAP operating margin was 12.5 percent of revenue as compared to 10.2 percent of revenue in the first quarter of 2013. Non-GAAP operating income of $128.2 million was up 16 percent as compared to the first quarter of 2013. Non-GAAP operating margin was 21.2 percent of revenue as compared to 19.8 percent of revenue in the first quarter of 2013, driven primarily by growth in non-GAAP gross margin to 57.7 percent of revenue. GAAP gross margin was 54.1 percent of revenue.
- GAAP net income was $68.6 million, up 38 percent as compared to the first quarter of 2013. Diluted GAAP earnings per share were $0.26 as compared to diluted GAAP earnings per share of $0.19 in the first quarter of 2013. First quarter GAAP results include a $15.1 million gain associated with a partial equity sale of a joint venture, which is excluded from non-GAAP results. Non-GAAP net income of $102.6 million was up 5 percent as compared to the first quarter of 2013. Diluted non-GAAP earnings per share were $0.39 as compared to diluted non-GAAP earnings per share of $0.38 in the first quarter of 2013. The GAAP tax rate was 23 percent. Excluding the impact of the equity sale gain, the non-GAAP tax rate was 20 percent.
- Operating cash flow was $83.4 million as compared to $37.4 million in the first quarter of 2013. First quarter 2013 operating cash flow was unusually low due to the timing of working capital requirements.
To view an unabridged version of this press release, visit: http://www.trimble.com/news/release.aspx?id=050614b
