Trimble Reports Third Quarter 2015 Results

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)

                 
   

Third Quarter of

 

First Three Quarters of

                 
   

2015

 

2014

 

2015

 

2014

                 

Revenues:

               

        Product

 

$373.0

 

$415.6

 

$1,168.2

 

$1,327.1

        Service

 

103.9

 

98.3

 

310.5

 

291.7

        Subscription

 

85.4

 

70.9

 

252.0

 

212.9

Total revenues

 

562.3

 

584.8

 

1,730.7

 

1,831.7

                 

Cost of sales:

               

        Product

 

175.5

 

189.3

 

554.0

 

605.4

        Service

 

39.4

 

36.8

 

123.0

 

108.6

        Subscription

 

26.1

 

21.8

 

75.8

 

58.4

        Amortization of purchased intangible assets

 

23.3

 

20.1

 

68.8

 

61.0

Total cost of sales

 

264.3

 

268.0

 

821.6

 

833.4

       

-

     

-

Gross margin

 

298.0

 

316.8

 

909.1

 

998.3

Gross margin (%)

 

53.0%

 

54.2%

 

52.5%

 

54.5%

                 

Operating expenses

               

    Research and development

 

79.6

 

79.0

 

251.3

 

237.2

    Sales and marketing

 

89.1

 

95.8

 

281.8

 

288.8

    General and administrative

 

63.2

 

111.4

 

192.1

 

230.2

    Restructuring charges

 

2.7

 

0.2

 

9.0

 

1.3

    Amortization of purchased intangible assets

 

17.4

 

19.3

 

53.4

 

56.8

       Total operating expenses

 

252.0

 

305.7

 

787.6

 

814.3

                 
                 

Operating income 

 

46.0

 

11.1

 

121.5

 

184.0

                 

Non-operating income (expense), net

               

    Interest expense, net

 

(6.4)

 

(3.0)

 

(19.1)

 

(9.8)

    Foreign currency transaction gain (loss)

 

0.1

 

(3.2)

 

1.2

 

(3.8)

    Income from equity method investments

 

4.7

 

2.8

 

14.1

 

11.5

    Other income (expense), net

 

(0.9)

 

(0.6)

 

5.8

 

12.5

       Total non-operating income (expense), net

 

(2.5)

 

(4.0)

 

2.0

 

10.4

                 

Income before taxes

 

43.5

 

7.1

 

123.5

 

194.4

                 

Income tax provision (benefit)

 

6.5

 

(4.7)

 

26.7

 

36.4

Net income

 

37.0

 

11.8

 

96.8

 

158.0

Less: Net loss attributable to noncontrolling interests 

 

(0.1)

 

-

 

(0.3)

 

(0.3)

Net income attributable to Trimble Navigation Ltd.

 

$  37.1

 

$  11.8

 

$     97.1

 

$   158.3

                 

Earnings per share attributable to Trimble Navigation Ltd.

               

     Basic

 

$  0.15

 

$  0.05

 

$     0.38

 

$     0.61

     Diluted

 

$  0.14

 

$  0.04

 

$     0.37

 

$     0.60

                 

Shares used in calculating earnings per share:

               

    Basic

 

254.8

 

260.3

 

257.5

 

260.4

    Diluted

 

257.2

 

264.4

 

260.3

 

265.1


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