Trimble Inc. today announced financial results for the second quarter of 2017.

FTRMB

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)

                   
     

Second Quarter of

 

First Two Quarters of

                   
     

2017

 

2016

 

2017

 

2016

                   

Revenue:

             
   

Product

$  445.6

 

$  407.0

 

$   851.0

 

$   800.6

   

Service

110.0

 

109.7

 

216.8

 

211.3

   

Subscription

106.3

 

92.9

 

208.0

 

180.7

Total revenue

661.9

 

609.6

 

1,275.8

 

1,192.6

                   

Cost of sales:

             
   

Product

219.8

 

199.4

 

414.2

 

389.4

   

Service

47.7

 

44.0

 

94.8

 

85.6

   

Subscription

27.4

 

26.6

 

54.2

 

53.3

   

Amortization of purchased intangible assets

20.5

 

24.0

 

39.5

 

48.1

Total cost of sales

315.4

 

294.0

 

602.7

 

576.4

                   

Gross margin

346.5

 

315.6

 

673.1

 

616.2

Gross margin (%)

52.3 %

 

51.8 %

 

52.8 %

 

51.7 %

                   

Operating expense:

             
 

Research and development

90.8

 

92.0

 

179.5

 

179.7

 

Sales and marketing

100.4

 

97.4

 

195.2

 

194.1

 

General and administrative

75.1

 

65.6

 

144.4

 

133.9

 

Restructuring charges

2.3

 

4.5

 

5.2

 

6.3

 

Amortization of purchased intangible assets

15.3

 

15.6

 

29.6

 

31.8

   

Total operating expense

283.9

 

275.1

 

553.9

 

545.8

                   
                   

Operating income

62.6

 

40.5

 

119.2

 

70.4

                   

Non-operating income (expense), net:

             
 

Interest expense, net

(6.0)

 

(6.6)

 

(12.1)

 

(13.2)

 

Foreign currency transaction gain (loss), net

 

(1.5)

 

1.4

 

(1.6)

 

Income from equity method investments, net

9.9

 

5.8

 

14.1

 

8.7

 

Other income, net

1.1

 

0.1

 

10.6

 

3.4

   

Total non-operating income (expense), net

5.0

 

(2.2)

 

14.0

 

(2.7)

                   

Income before taxes

67.6

 

38.3

 

133.2

 

67.7

                   

Income tax provision

17.7

 

2.7

 

32.8

 

12.4

Net income

49.9

 

35.6

 

100.4

 

55.3

 

Less: Net loss attributable to noncontrolling interests

 

(0.1)

 

 

(0.2)

Net income attributable to Trimble Inc.

$    49.9

 

$    35.7

 

$   100.4

 

$     55.5

                   

Earnings per share attributable to Trimble Inc.:

             
 

Basic

$    0.20

 

$    0.14

 

$     0.40

 

$     0.22

 

Diluted

$    0.19

 

$    0.14

 

$     0.39

 

$     0.22

                   

Shares used in calculating earnings per share:

             
 

Basic

253.0

 

250.5

 

252.5

 

250.8

 

Diluted

257.1

 

253.7

 

256.5

 

253.9


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