Third quarter 2015 revenue of $562.3 million was down 4 percent as compared to the third quarter of 2014, and was approximately flat on a constant currency basis. Engineering and Construction revenue was $326.4 million, down 5 percent. Field Solutions revenue was $73.5 million, down 17 percent. Mobile Solutions revenue was$131.6 million, up 9 percent. Advanced Devices revenue was $30.8 million, down 6 percent.
GAAP operating income was $46.0 million, up 314 percent as compared to the third quarter of 2014. GAAP operating margin was 8.2 percent of revenue as compared to 1.9 percent of revenue in the third quarter of 2014.
GAAP net income was $37.1 million, up 214 percent as compared to the third quarter of 2014. Diluted GAAP earnings per share were $0.14 as compared to diluted GAAP earnings per share of $0.04 in the third quarter of 2014.
Third quarter 2014 GAAP results were negatively impacted by an approximately $51 million reserve for legal matters related to a jury verdict, which was reversed in the fourth quarter of 2014 when the verdict was overturned.
Non-GAAP operating income of $104.9 million was down 11 percent as compared to the third quarter of 2014. Non-GAAP operating margin was 18.7 percent of revenue as compared to 20.2 percent of revenue in the third quarter of 2014.
Non-GAAP net income of $77.8 million was down 11 percent as compared to the third quarter of 2014. Diluted non-GAAP earnings per share were $0.30 as compared to diluted non-GAAP earnings per share of $0.33 in the third quarter of 2014.
The GAAP tax rate for the quarter was 15 percent and the non-GAAP tax rate was 24 percent.
Operating cash flow for the first three quarters of 2015 was $276.4 million, down 11 percent as compared to the first three quarters of 2014.
During the third quarter of 2015, Trimble repurchased approximately 8.2 million shares of its common stock for a total of $154.6 million. Trimble received approximately 3.7 million of these shares through the accelerated share repurchase program announced on September 2, 2015, and additional shares will be delivered in the fourth quarter upon completion of the program. Following the completion of the program, approximately $250 million will remain on the current share repurchase authorization.
"We met our revenue expectations and improved operating margins sequentially in the quarter," said Steven W. Berglund, Trimble's president and chief executive officer. "Revenue was negatively impacted by continued poor conditions in the agriculture market, the effects of oil price declines, and foreign exchange effects. As these conditions lessen we anticipate a return to growth in 2016."
For the fourth quarter of 2015 Trimble expects revenue to be between $520 million and $550 million with GAAP earnings per share of $0.01 to $0.08 and non-GAAP earnings per share of $0.19 to $0.26. Non-GAAP guidance excludes the amortization of intangibles of $40 million related to previous acquisitions, anticipated acquisition costs of $3 million, the anticipated impact of stock-based compensation expense of $14 million, and $3 million in anticipated restructuring charges. GAAP guidance assumes a tax rate of 25 percent and non-GAAP guidance assumes a tax rate of 24 percent. Both GAAP and non-GAAP earnings per share assume approximately 253 million shares outstanding.
