Trimble announces first quarter results of 2016

Trimble announces first quarter results of 2016

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US: First quarter 2016 revenue of $583.0 million was flat as compared to the first quarter of 2015. Engineering and Construction revenue was $309.8 million, up 4 percent. Field Solutions revenue was $106.0 million, down 8 percent. Mobile Solutions revenue was $136.3 million, up 6 percent. Advanced Devices revenue was $30.9 million, down 22 percent. Foreign currency translation unfavorably impacted company revenue by approximately 1 percent as compared to the first quarter of 2015.

GAAP operating income was $29.9 million, down 24 percent as compared to the first quarter of 2015. GAAP operating margin was 5.1 percent of revenue as compared to 6.8 percent of revenue in the first quarter of 2015. GAAP net income was $19.8 million, down 42 percent as compared to the first quarter of 2015. Diluted GAAP earnings per share were $0.08 as compared to diluted GAAP earnings per share of $0.13 in the first quarter of 2015.

Non-GAAP operating income of $88.5 million was down 9 percent as compared to the first quarter of 2015. Non-GAAP operating margin was 15.1 percent of revenue as compared to 16.6 percent of revenue in the first quarter of 2015. Non-GAAP net income of $64.5 million was down 11 percent as compared to the first quarter of 2015. Diluted non-GAAP earnings per share were $0.25 as compared to diluted non-GAAP earnings per share of $0.28 in the first quarter of 2015.

The GAAP tax rate for the quarter was 33 percent as compared to 23 percent in the first quarter of 2015, and the non-GAAP tax rate was 24 percent, unchanged from the first quarter of 2015. Operating cash flow for the first quarter of 2016 was $113.2 million, up 6 percent as compared to the first quarter of 2015. Deferred revenue for the first quarter of 2016 was $319.5 million, up 13 percent as compared to the first quarter of 2015.

"Revenue for all segments in the quarter came within expectations and deferred revenue grew to a record level," said Steven W. Berglund, Trimble's president and chief executive officer. "Earnings were impacted by product and geographic mix as well as operating expenses associated with recent acquisitions. We remain on track for revenue growth for the full year, with particular strength in the Mobile Solutions segment and from the heavy civil and buildings businesses in the Engineering and Construction segment. We anticipate achieving our operating margin goals during the year due to gross margin improvement and cost containment initiatives."

Source: Trimble