Trimble Reports Third Quarter of 2017 Results

- Third Quarter of 2017 Revenue $670.0 million

(PRNewswire) —  Trimble Inc. (NASDAQ: TRMB) today announced financial results for the third quarter of 2017.

Third Quarter of 2017 Financial Summary

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."

Forward Looking Guidance

For the fourth quarter of 2017 Trimble expects revenue to be between $655 million and $685 million with GAAP earnings per share of $0.16 to $0.20 and non-GAAP earnings per share of $0.34 to $0.38. 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 $21 million, and $2 million in anticipated restructuring charges. GAAP guidance assumes a tax rate of 16 percent and non-GAAP guidance assumes a tax rate of 23 percent. Both GAAP and non-GAAP earnings per share assume approximately 258 million shares outstanding.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on October 26 at 2:00 p.m. PT to review its third quarter 2017 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website, www.trimble.com, under the subheading "Events & Presentations". The call will be broadcast live on the web at http://investor.trimble.com. Investors without Internet access may dial into the call at (800) 528-9198 (U.S.) or (702) 928-6633 (international). The passcode is 99488207. The replay will also be available on the web at the address above.

Use of Non-GAAP Financial Information

To help investors understand Trimble's past financial performance and future results, as well as its performance relative to competitors, Trimble supplements the financial results that the company provides in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. These non-GAAP measures can be used to evaluate Trimble's historical and prospective financial performance, as well as its performance relative to competitors. The company's management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate the business, and to make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Trimble believes that these non-GAAP financial measures reflect an additional way of viewing aspects of the company's operations that, when viewed with the GAAP results, provide a more complete understanding of factors and trends affecting the business. Further, Trimble believes some of company's investors track "core operating performance" as a means of evaluating performance in the ordinary, ongoing, and customary course of the company's operations. Core operating performance excludes items that are non-cash, not expected to recur or not reflective of ongoing financial results. Management also believes that looking at Trimble's core operating performance provides a supplemental way to provide consistency in period to period comparisons.

The specific non-GAAP measures, which Trimble uses along with a reconciliation to the nearest comparable GAAP measures and the explanation for why these non-GAAP measures provide useful information to investors regarding the financial condition and results of operations and why management chose to exclude selected items can be found at the end of this release. The method the company uses to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Trimble's non-GAAP results are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with Trimble's consolidated financial statements prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures to the comparable GAAP results, which is attached to this earnings release. Additional financial information about Trimble's use of non-GAAP results can be found on the Investor Relations page of the Trimble website at:  http://investor.trimble.com .

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