Trimble Reports Second Quarter 2019 Results

Results were in line with guidance and 12 month operating cash flow was up 23%.

Trimble Inc. announces financial results for the second quarter of 2019. 

Second Quarter 2019 Financial Summary

Second quarter 2019 GAAP revenue of $854.8 million was up 9% as compared to the second quarter of 2018. Second quarter 2019 non-GAAP revenue of $855.8 million was up 8% as compared to the second quarter of 2018.

Buildings and Infrastructure revenue was $339.9 million, up 22%. Geospatial revenue was $164.4 million, down 11%. Resources and Utilities revenue was $152.7 million, up 5%. Transportation revenue was $198.8 million, up 9%. Segment revenues reflect the results of Trimble's reportable segments under its management reporting system and are non-GAAP measures.

GAAP operating income was $109.7 million, up 23% as compared to the second quarter of 2018. GAAP operating margin was 12.8% of revenue as compared to 11.4% of revenue in the second quarter of 2018.

GAAP net income was $94.6 million, up 48% as compared to the second quarter of 2018. GAAP diluted earnings per share were $0.37 as compared to GAAP diluted earnings per share of $0.25 in the second quarter of 2018.

Non-GAAP operating income of $174.7 million was up 7% as compared to the second quarter of 2018. Non-GAAP operating margin was 20.4% of revenue as compared to 20.7% of revenue in the second quarter of 2018.

Non-GAAP net income of $133.8 million was up 3% as compared to the second quarter of 2018. Non-GAAP diluted earnings per share were $0.53 as compared to non-GAAP diluted earnings per share of $0.51 in the second quarter of 2018.

The GAAP tax rate for the quarter was 18% as compared to 19% in the second quarter of 2018, and the non-GAAP tax rate was 20% as compared to 19% in the second quarter of 2018.

Operating cash flow for the first two quarters of 2019 was $325.5 million, up 22% as compared to the first two quarters of 2018. Deferred revenue for the second quarter of 2019 was $452.4 million, up 27% as compared to the second quarter of 2018.

"Our second quarter results met expectations despite greater uncertainties," says Steven W. Berglund, Trimble's President and Chief Executive Officer. "Although we anticipate market ambiguities to persist for the remainder of 2019, the business model transformation remains on track. Software, services, and recurring revenue grew by 22% in the quarter."

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