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Trimble Inc. today announced financial results for the second quarter of 2017.

Second Quarter of 2017 Financial Summary

Second quarter 2017 revenue of $661.9 million was up 9 percent as compared to the second quarter of 2016. Buildings and Infrastructure revenue was $222.7 million, up 10 percent. Geospatial revenue was $165.3 million, up 1 percent. Resources and Utilities revenue was $111.0 million, up 12 percent. Transportation revenue was $162.9 million, up 13 percent.

GAAP operating income was $62.6 million, up 55 percent as compared to the second quarter of 2016. GAAP operating margin was 9.5 percent of revenue as compared to 6.7 percent of revenue in the second quarter of 2016.

GAAP net income was $49.9 million, up 40 percent as compared to the second quarter of 2016. Diluted GAAP earnings per share were $0.19 as compared to diluted GAAP earnings per share of $0.14 in the second quarter of 2016.

Non-GAAP operating income of $121.2 million was up 22 percent as compared to the second quarter of 2016. Non-GAAP operating margin was 18.3 percent of revenue as compared to 16.2 percent of revenue in the second quarter of 2016.

Non-GAAP net income of $96.5 million was up 30 percent as compared to the second quarter of 2016. Diluted non-GAAP earnings per share were $0.38 as compared to diluted non-GAAP earnings per share of $0.29 in the second quarter of 2016.

The GAAP tax rate for the quarter was 26 percent as compared to 7 percent in the second quarter of 2016, and the non-GAAP tax rate was 23 percent as compared to 24 percent in the second quarter of 2016. 

Operating cash flow for the first two quarters of 2017 was $248.7 million, up 27 percent as compared to the first two quarters of 2016. Deferred revenue for the second quarter of 2017 was $341.0 million, up 8 percent as compared to the second quarter of 2016.

During the second quarter, Trimble acquired BOS Forestry, NM Group, and Innovative Software Engineering (ISE). During the second quarter, Trimble also announced that it agreed to acquire Müller-Elektronik, which closed early in the third quarter of 2017.

"The second quarter revenue and income exceeded our expectations with improved performance across the company," said Steven W. Berglund, Trimble's president and chief executive officer. "The performance validates our expectations of a further step-up in revenue growth during the second half of the year, driven by both organic growth and a contribution from new acquisitions."

To view the original press release, please click here.

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