Trimble Reports Third Quarter 2013 Revenue of $556.5 Million, GAAP EPS of $0.21 and Non-GAAP EPS of $0.39

The specific non-GAAP measures which we use along with a reconciliation to the nearest comparable GAAP measures and the explanation for why these non-GAAP measures provide useful information to investors regarding our financial condition and results of operations and why management chose to exclude selected items can be found at the end of this release. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Our non-GAAP results are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.  Investors are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to this earnings release.  Additional financial information about our use of non-GAAP results can be found on the investor relations page of our Web site at http://investor.trimble.com.

Forward Looking Guidance

For the fourth quarter of 2013 Trimble expects revenue between $560 million and $580 million with GAAP earnings per share of $0.17 to $0.21 and non-GAAP earnings per share of $0.35 to $0.39.  Non-GAAP guidance excludes the amortization of intangibles of $42.0 million related to previous acquisitions; anticipated acquisition costs of $3.5 million and the anticipated impact of stock-based compensation expense of $10.5 million. Both GAAP and non-GAAP earnings per share assume a 16 to 18 percent tax rate and 261.5 million shares outstanding.  

Investor Conference Call / Webcast Details

Trimble will hold a conference call today, Oct. 31, 2013 at 1:30 p.m. PT to discuss its results. The call will be broadcast live on the Web at http://investor.trimble.com.  Investors without Internet access may dial into the call at (800) 528-9198 (U.S.) or (702) 928-6633 (international).  A replay of the call will be available for seven days at (855) 859-2056 (U.S.) or (404) 537-3406 (international). The pass code for all calls is 71253435.  The replay will also be available on the Web at the address above.

About Trimble

Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.

For more information visit: www.trimble.com.

Safe Harbor 

Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include expectations for future financial market and economic conditions, the impact of acquisitions, the improvement in our organic growth during 2014 and the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the fourth quarter of 2013, the expected tax rate, the anticipated impact of stock-based compensation expense, the amortization of intangibles related to previous acquisitions and the anticipated number of shares outstanding and interest costs. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products or integrate new acquisitions. The Company's results would also be negatively impacted by further weakening in the macro environment in Europe and China or a softening of the market in North or South America, including government spending cuts and any further softening of the agriculture market in the U.S. Any failure to achieve predicted results could negatively impact the Company's revenues, cash flow from operations, and other financial results. The Company's financial results will also depend on a number of other factors and risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10- K, such as changes in economic conditions, critical part supply chain shortages, possible write-offs of goodwill, and regulatory proceedings affecting GPS. Undue reliance should not be placed on any forward-looking statement contained herein, especially in light of greater uncertainty than normal in the economy in general. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.

FTRMB

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)












Third Quarter of


First Three Quarters of












2013


2012


2013


2012










Revenues:









        Product


$ 401,565


$ 386,902


$1,240,232


$1,187,638

        Service


85,521


64,237


251,628


185,262

        Subscription


69,416


53,624


197,046


151,690

Total revenues


556,502


504,763


1,688,906


1,524,590










Cost of sales:









        Product


187,865


185,102


587,059


577,281

        Service


31,959


23,615


95,351


67,592

        Subscription


21,223


17,450


62,190


47,859

        Amortization of purchased intangible assets


20,402


15,728


59,938


42,145

Total cost of sales


261,449


241,895


804,538


734,877










Gross margin


295,053


262,868


884,368


789,713

Gross margin (%)


53.0%


52.1%


52.4%


51.8%










Operating expenses









    Research and development


71,622


61,181


221,785


185,721

    Sales and marketing


85,507


76,481


254,437


230,094

    General and administrative


53,648


45,723


158,378


142,595

    Restructuring


31


301


4,602


1,894

    Amortization of purchased intangible assets


21,216


15,712


60,775


47,170

       Total operating expenses


232,024


199,398


699,977


607,474



















Operating income 


63,029


63,470


184,391


182,239










Non-operating income, net









    Interest expense, net


(4,122)


(3,925)


(13,448)


(11,561)

    Foreign currency transaction gain (loss), net


(157)


174


(1,126)


(1,843)

    Income from equity method investments, net


4,494


6,453


15,908


19,708

    Other income, net


268


650


847


1,897

       Total non-operating income, net


483


3,352


2,181


8,201










Income before taxes


63,512


66,822


186,572


190,440










Income tax provision


8,892


13,022


28,067


33,403

Net income


54,620


53,800


158,505


157,037

Less: Net gain (loss) attributable to noncontrolling interests 


151


436


(353)


(837)

Net income attributable to Trimble Navigation Ltd.


$  54,469


$   53,364


$   158,858


$   157,874










Earnings per share attributable to Trimble Navigation Ltd.









     Basic


$      0.21


$      0.21


$        0.62


$        0.63

     Diluted


$      0.21


$      0.21


$        0.61


$        0.62










Shares used in calculating earnings per share:









    Basic


257,037


251,742


256,135


250,404

    Diluted


261,137


256,758


260,664


256,288


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