Trimble Inc. announces financial results for the second quarter of 2017.
Second Quarter of 2017 Financial Summary
Second quarter 2017 revenue of $661.9 million was up 9% as compared to the second quarter of 2016. Buildings and Infrastructure revenue was $222.7 million, up 10%. Geospatial revenue was $165.3 million, up 1%. Resources and Utilities revenue was $111.0 million, up 12%. Transportation revenue was $162.9 million, up 13%.
GAAP operating income was $62.6 million, up 55% as compared to the second quarter of 2016. GAAP operating margin was 9.5% of revenue as compared to 6.7% of revenue in the second quarter of 2016.
GAAP net income was $49.9 million, up 40% as compared to the second quarter of 2016. Diluted GAAP earnings per share were $0.19 as compared to diluted GAAP earnings per share of $0.14 in the second quarter of 2016.
Non-GAAP operating income of $121.2 million was up 22% as compared to the second quarter of 2016. Non-GAAP operating margin was 18.3% of revenue as compared to 16.2% of revenue in the second quarter of 2016.
Non-GAAP net income of $96.5 million was up 30% as compared to the second quarter of 2016. Diluted non-GAAP earnings per share were $0.38 as compared to diluted non-GAAP earnings per share of $0.29 in the second quarter of 2016.
The GAAP tax rate for the quarter was 26% as compared to 7% in the second quarter of 2016, and the non-GAAP tax rate was 23% as compared to 24% in the second quarter of 2016.
Operating cash flow for the first two quarters of 2017 was $248.7 million, up 27% as compared to the first two quarters of 2016. Deferred revenue for the second quarter of 2017 was $341.0 million, up 8% as compared to the second quarter of 2016.
During the second quarter, Trimble acquired BOS Forestry, NM Group, and Innovative Software Engineering (ISE). During the second quarter, Trimble also announced that it agreed to acquire Müller-Elektronik, which closed early in the third quarter of 2017.
"The second quarter revenue and income exceeded our expectations with improved performance across the company," says Steven W. Berglund, Trimble's President and Chief Executive Officer. "The performance validates our expectations of a further step-up in revenue growth during the second half of the year, driven by both organic growth and a contribution from new acquisitions."
