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Tuesday, October 31, 2017

Trimble Reports Third Quarter of 2017 Results

Third quarter 2017 revenue of $670.0 million was up 15 percent as compared to the third quarter of 2016. Buildings and Infrastructure revenue was $214.5 million, up 13 percent. Geospatial revenue was $169.7 million, up 6 percent. Resources and Utilities revenue was $114.4 million, up 31 percent. Transportation revenue was $171.4 million, up 16 percent.

GAAP operating income was $64.0 million, up 16 percent as compared to the third quarter of 2016. GAAP operating margin was 9.6 percent of revenue as compared to 9.5 percent of revenue in the third quarter of 2016.

GAAP net income was $55.7 million, up 42 percent as compared to the third quarter of 2016. Diluted GAAP earnings per share were $0.22 as compared to diluted GAAP earnings per share of $0.15 in the third quarter of 2016.

Non-GAAP operating income of $123.6 million was up 12 percent as compared to the third quarter of 2016. Non-GAAP operating margin was 18.4 percent of revenue as compared to 19.0 percent of revenue in the third quarter of 2016.

Non-GAAP net income of $99.6 million was up 19 percent as compared to the third quarter of 2016. Diluted non-GAAP earnings per share were $0.39 as compared to diluted non-GAAP earnings per share of $0.33 in the third quarter of 2016.

The GAAP tax rate for the quarter was 20 percent as compared to 25 percent in the third quarter of 2016, and the non-GAAP tax rate was 23 percent as compared to 24 percent in the third quarter of 2016. 

Operating cash flow for the first three quarters of 2017 was $310.0 million, up 8 percent as compared to the first three quarters of 2016. Deferred revenue for the third quarter of 2017 was $326.7 million, up 11 percent as compared to the third quarter of 2016.

During the third quarter, Trimble completed the acquisitions of Müller-Elektronik and 10-4 Systems. Trimble also repurchased approximately 2.2 million shares of its common stock for $84 million, and year to date has repurchased approximately 3.1 million shares for $111 million. Approximately $19 million remains under the current share repurchase authorization as of the end of the third quarter.

"The quarter reflected relative strength across all segments and all regions. Organic revenue growth was over 10 percent and was augmented by acquisition activity," said Steven W. Berglund, Trimble's president and chief executive officer. "These performance levels provide a foundation for continuing the positive trend into 2018."

To view the original press release, please click here.

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