Trimble Reports Second Quarter 2016 Results

Trimble is transforming the way the world works by delivering products and services that connect the physical and digital worlds. Core technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. From purpose built products to enterprise lifecycle solutions, Trimble software, hardware and services are transforming a broad range of industries such as agriculture, construction, geospatial and transportation and logistics. For more information about Trimble (NASDAQ: TRMB), 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 ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the third quarter and full year, including the expected tax rate, anticipated impact of stock-based compensation expense, amortization of intangibles related to previous acquisitions, anticipated acquisition costs, restructuring charges, and the anticipated number of diluted shares outstanding. 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, obtain new customers, or integrate new acquisitions. The Company's results would also be negatively impacted by weakening in the macro environment or foreign exchange fluctuations. 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, further worsening in the agricultural market, critical part supply chain shortages, and possible write-offs of goodwill. 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 millions, except per share data)

(Unaudited)










Second Quarter of


First Two Quarters of










2016


2015


2016


2015









Revenue:








        Product

$  407.0


$  394.6


$  800.6


$  795.2

        Service

109.7


105.7


211.3


206.6

        Subscription

92.9


85.5


180.7


166.6

Total revenue

609.6


585.8


1,192.6


1,168.4









Cost of sales:








        Product

199.4


190.8


389.4


378.5

        Service

44.0


42.2


85.6


83.6

        Subscription

26.6


25.9


53.3


49.7

        Amortization of purchased intangible assets

24.0


23.0


48.1


45.5

Total cost of sales

294.0


281.9


576.4


557.3

Gross margin

315.6


303.9


616.2


611.1

Gross margin (%)

51.8%


51.9%


51.7%


52.3%









Operating expense:








    Research and development

92.0


84.5


179.7


171.7

    Sales and marketing

97.4


96.2


194.1


192.7

    General and administrative

65.6


64.2


133.9


128.9

    Restructuring charges

4.5


5.2


6.3


6.3

    Amortization of purchased intangible assets

15.6


17.8


31.8


36.0

       Total operating expense

275.1


267.9


545.8


535.6

















Operating income 

40.5


36.0


70.4


75.5









Non-operating income (expense), net:








    Interest expense

(6.6)


(6.3)


(13.2)


(12.7)

    Foreign currency transaction gain (loss), net

(1.5)


-


(1.6)


1.1

    Income from equity method investments, net

5.8


6.4


8.7


9.4

    Other income, net

0.1


(0.3)


3.4


6.7

       Total non-operating income (expense), net

(2.2)


(0.2)


(2.7)


4.5









Income before taxes

38.3


35.8


67.7


80.0









Income tax provision

2.7


10.0


12.4


20.2

Net income

35.6


25.8


55.3


59.8

Less: Net income (loss) attributable to noncontrolling interests 

(0.1)


(0.1)


(0.2)


(0.2)

Net income attributable to Trimble Navigation Limited

$   35.7


$   25.9


$   55.5


$   60.0









Earnings per share attributable to Trimble Navigation Limited:








     Basic

$   0.14


$   0.10


$    0.22


$   0.23

     Diluted

$   0.14


$   0.10


$    0.22


$   0.23









Shares used in calculating earnings per share:








    Basic

250.5


258.4


250.8


258.9

    Diluted

253.7


261.4


253.9


261.9


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