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Trimble fourth quarter profit rises by 18%

US: Fourth quarter 2012 revenue of $515.5 million was up 18 per cent as compared to the fourth quarter of 2011.

GAAP operating income for the fourth quarter of 2012 was $30.3 million, up 6 per cent as compared to the fourth quarter of 2011. GAAP operating margin in the fourth quarter of 2012 was 5.9 per cent of revenue as compared to 6.6 per cent of revenue in the fourth quarter of 2011.

GAAP net income for the fourth quarter of 2012 was $33.2 million, up 13 per cent as compared to the fourth quarter of 2011. Diluted earnings per share in the fourth quarter of 2012 were $0.26 as compared to diluted earnings per share of $0.23 in the fourth quarter of 2011. The tax rate was 16 per cent for the fourth quarter of 2012 as compared to 8 per cent in the fourth quarter of 2011.

Fourth quarter 2012 non-GAAP operating income of $85.1 million was up 24 per cent as compared to the fourth quarter of 2011. Non-GAAP operating margin was 16.5 per cent of revenue as compared to 15.8 per cent of revenue in the fourth quarter of 2011.

Non-GAAP net income of $73.4 million for the fourth quarter of 2012 was up 8 per cent as compared to the fourth quarter of 2011. Diluted non-GAAP earnings per share in the fourth quarter of 2012 were $0.57 as compared to diluted non-GAAP earnings per share of $0.54 in the fourth quarter of 2011.

“Our quarterly results were consistent with our expectations in an environment that remains volatile. In the US we saw a clear improvement in commercial and residential construction markets which was offset by a general tendency late in the year to defer investment decisions pending better clarity on the outcome of government budget actions,” said Steven W. Berglund, Trimble”s president and chief executive officer. “Conditions in Europe remained difficult while most other regions continued to be comparatively healthy. Our outlook for 2013 remains that of healthy growth although it is conditioned upon the state of volatility in the US and Europe.”

For the first quarter of 2013 Trimble expects revenue between $575 million and $580 million with GAAP earnings per share of $0.41 to $0.43 and non-GAAP earnings per share of $0.74 to $0.76. Non-GAAP guidance excludes the amortization of intangibles of $38.2 million related to previous acquisitions; anticipated acquisition costs of $2.0 million and the anticipated impact of stock-based compensation expense of $9.2 million. Both GAAP and non-GAAP earnings per share assume a 14 to 16 per cent tax rate and 130 million shares outstanding.

Source: Trimble