Trimble’s second quarter profit up by 27 pc

Trimble’s second quarter profit up by 27 pc

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California, US: Trimble announced second quarter revenue of USD 517.6 million, up 27 percent as compared to the second quarter of 2011. GAAP operating income for the second quarter of 2012 was USD 58.9 million, up 14 percent as compared to the second quarter of 2011. GAAP operating margin in the second quarter of 2012 was 11.4 percent of revenue as compared to 12.7 percent of revenue in the second quarter of 2011, down due to expenses related to acquisitions.

“Trimble continues to demonstrate strong growth despite European uncertainties, North American drought and unfavorable exchange rates. While year to year revenue growth was reinforced by acquisitions, underlying organic growth continues to be robust,” said Steven W. Berglund, Trimble”s president and chief executive officer. “We remain mindful of the ongoing exposure of the worldwide economy to European centered uncertainty. Nonetheless, we currently see growth opportunities in all other regions and in most elements of our product portfolio.”

GAAP net income for the second quarter of 2012 was USD 53.7 million, flat as compared to the second quarter of 2011. Diluted earnings per share in the second quarter of 2012 were USD 0.42 as compared to diluted earnings per share of USD 0.43 in the second quarter of 2011. The tax rate for both GAAP and non-GAAP results was 16 percent for the second quarter of 2012 as compared to 10 percent in the second quarter of 2011, due primarily to the geographical mix of revenue and the failure to date by the federal government to reinstate the federal R&D tax credit for 2012.

Second quarter 2012 non-GAAP operating income of USD 105.2 million was up 31 percent as compared to the second quarter of 2011. Non-GAAP operating margin was 20.3 percent of revenue as compared to 19.7 percent of revenue in the second quarter of 2011.

Non-GAAP net income of USD 92.1 million for the second quarter of 2012 was up 23 percent as compared to the second quarter of 2011. Diluted non-GAAP earnings per share in the second quarter of 2012 were USD 0.72 as compared to diluted non-GAAP earnings per share of USD 0.60 in the second quarter of 2011.

Source: Trimble