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August 2nd, 2012
Trimble Announces Second Quarter 2012 Revenue of $517.6 Million

GAAP net income for the second quarter of 2012 was $53.7 million, flat as compared to the second quarter of 2011.  Diluted earnings per share in the second quarter of 2012 were $0.42 as compared to diluted earnings per share of $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 $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 $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 $0.72 as compared to diluted non-GAAP earnings per share of $0.60 in the second quarter of 2011.

Second quarter 2012 non-GAAP results are adjusted for the following:

  • Restructuring expense of $1.1 million as compared to $550 thousand in the second quarter of 2011;
  • Amortization of intangibles of $29.1 million as compared to $16.6 million in the second quarter of 2011;
  • Stock-based compensation expense of $8.2 million as compared to $7.1 million in the second quarter of 2011;
  • Acquisition-related inventory step-up charge of $122 thousand as compared to $1.2 million in the second quarter of 2011;
  • Acquisition-related costs of $7.3 million as compared to $3.7 million in the second quarter of 2011;
  • In the second quarter of 2012 there was no write-off of debt issuance cost on a terminated credit facility as compared to $377 thousand in the second quarter of 2011 and;
  • In the second quarter of 2012 there was no gain on foreign currency exchange from a hedge associated with an acquisition as compared to a gain of $5.6 million in the second quarter of 2011.

“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.”

Segment operating income is revenue less cost of sales and operating expenses, excluding general corporate expenses, restructuring expenses, amortization of intangibles, amortization of acquisition-related inventory step-up charges and acquisition costs.  Non-GAAP segment operating income also excludes the impact of stock-based compensation expense.

Engineering and Construction (E&C)

Second quarter 2012 E&C revenue was $284.2 million, up 20 percent as compared to the second quarter of 2011.  This growth was driven primarily by strong sales of machine control and building information modeling (BIM) products across most geographies and acquisitions, partially offset by the impact of foreign exchange.

Second quarter operating income in E&C was $59.5 million, or 20.9 percent of revenue as compared to $47.0 million, or 19.9 percent of revenue in the second quarter of 2011.  Non-GAAP operating income was $62.8 million, or 22.1 percent of revenue, as compared to $49.4 million, or 20.9 percent of revenue, in the second quarter of 2011.  The improvement in operating income was due to higher gross margins and operating leverage.

Field Solutions

Second quarter 2012 Field Solutions revenue was $123.4 million, up 19 percent as compared to the second quarter of 2011 due primarily to increased sales of agricultural products and acquisitions, partially offset by the impact of foreign exchange.

Second quarter 2012 Field Solutions operating income was $46.6 million, or 37.8 percent of revenue, as compared to $42.5 million, or 40.9 percent of revenue, in the second quarter of 2011.  Non-GAAP operating income was $47.3 million, or 38.3 percent of revenue, as compared to $43.1 million, or 41.4 percent of revenue, in the second quarter of 2011, down primarily due to the impact of acquisitions. 

Mobile Solutions

Second quarter 2012 Mobile Solutions revenue was $81.4 million, up 102 percent as compared to the second quarter of 2011, primarily due to the PeopleNet acquisition and double-digit growth in the base business.

Second quarter 2012 Mobile Solutions operating income was $5.6 million, or 6.9 percent of revenue, as compared to an operating loss of $2.7 million in the second quarter of 2011.  Non-GAAP operating income was $5.9 million, or 7.2 percent of revenue, as compared to an operating loss of $1.9 million in the second quarter of 2011.  The improvement in non-GAAP operating margin was due primarily to operating leverage on higher revenue.

Advanced Devices

Second quarter 2012 Advanced Devices revenue was $28.6 million, up 9 percent as compared to the second quarter of 2011, primarily due to strong sales of timing devices.

Operating income in Advanced Devices for the second quarter of 2012 was $3.9 million, or 13.7 percent of revenue, as compared to $2.6 million, or 9.9 percent of revenue, in the second quarter of 2011.  Non-GAAP operating income in Advanced Devices was $4.5 million, or 15.6 percent of revenue, as compared to $3.3 million, or 12.5 percent of revenue, in the second quarter of 2011.  The improvement in non-GAAP operating margins was due to product mix.