Trimble announces financial results for the fourth quarter and fiscal year end 2016 results.
Fourth Quarter 2016 Financial Summary
Fourth quarter 2016 revenue of $585.5 million was up 5% as compared to the fourth quarter of 2015. Engineering and Construction revenue was $320.2 million, up less than 1%. Field Solutions revenue was $83.3 million, up 5%. Mobile Solutions revenue was $146.8 million, up 11%. Advanced Devices revenue was $35.2 million, up 21%.
GAAP operating income was $55.3 million, up 68% as compared to the fourth quarter of 2015. GAAP operating margin was 9.4% of revenue as compared to 5.9% of revenue in the fourth quarter of 2015.
GAAP net income was $37.7 million, up 57% as compared to the fourth quarter of 2015. Diluted GAAP earnings per share were $0.15 as compared to diluted GAAP earnings per share of $0.09 in the fourth quarter of 2015.
Non-GAAP operating income of $107.2 million was up 18% as compared to the fourth quarter of 2015. Non-GAAP operating margin was 18.3% of revenue as compared to 16.3% of revenue in the fourth quarter of 2015.
Non-GAAP net income of $79.8 million was up 19% as compared to the fourth quarter of 2015. Diluted non-GAAP earnings per share were $0.31 as compared to diluted non-GAAP earnings per share of $0.27 in the fourth quarter of 2015. The GAAP tax rate for the quarter was 34 percent as compared to 16% in the fourth quarter of 2015, and the non-GAAP tax rate was 24%, unchanged from the fourth quarter of 2015.
During the fourth quarter, Trimble repurchased approximately 0.6 million shares of its common stock for $17 million.
"Both the fourth quarter and full year performances demonstrated progression," says Steve Berglund, Trimble's President and Chief Executive Officer. "For the second half of the year, every segment reported both organic revenue growth and margin expansion. We anticipate 2017 will demonstrate continued growth and margin improvement."
Fiscal 2016 Financial Summary
Fiscal 2016 revenue of $2.4 billion was up 3% as compared to fiscal 2015. Engineering and Construction revenue was $1.3 billion, up 2%. Field Solutions revenue was $354.3 million, down slightly. Mobile Solutions revenue was $559.7 million, up 8%. Advanced Devices revenue was $134.6 million, up 2%.
GAAP operating income was $181.0 million, up 17% as compared to fiscal 2015. GAAP operating margin was 7.7% of revenue as compared to 6.7% of revenue in fiscal 2015.
GAAP net income was $132.4 million, up 9 percent as compared to fiscal 2015. Diluted GAAP earnings per share were $0.52 as compared to diluted GAAP earnings per share of $0.47 in fiscal 2015.
Non-GAAP operating income of $405.5 million was up 4% as compared to fiscal 2015. Non-GAAP operating margin was 17.2% of revenue as compared to 17.0% of revenue in fiscal 2015.
Non-GAAP net income of $302.4 million was up 4% as compared to fiscal 2015. Diluted non-GAAP earnings per share were $1.19 as compared to diluted non-GAAP earnings per share of $1.13 in fiscal 2015. The GAAP tax rate for the year was 25% as compared to 20% in fiscal 2015, and the non-GAAP tax rate was 24%, unchanged from fiscal 2015.
Operating cash flow for fiscal 2016 was $407.1 million, up 15% as compared to fiscal 2015. Deferred revenue for fiscal 2016 was $284.2 million, up 8% as compared to fiscal 2015.
During fiscal 2016, Trimble repurchased approximately 4.9 million shares of its common stock for $119 million. Approximately $130 million remains under the current share repurchase authorization.
