Trimble Reports Fourth Quarter and Full Year 2016 Results

- Fourth Quarter 2016 Revenue $585.5 Million; GAAP Diluted Earnings Per Share $0.15; Non-GAAP Diluted Earnings Per Share $0.31

(PRNewswire) — Trimble (NASDAQ: TRMB) today announced 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 percent as compared to the fourth quarter of 2015. Engineering and Construction revenue was $320.2 million, up less than 1 percent. Field Solutions revenue was $83.3 million, up 5 percent. Mobile Solutions revenue was $146.8 million, up 11 percent. Advanced Devices revenue was $35.2 million, up 21 percent.

GAAP operating income was $55.3 million, up 68 percent as compared to the fourth quarter of 2015. GAAP operating margin was 9.4 percent of revenue as compared to 5.9 percent of revenue in the fourth quarter of 2015.

GAAP net income was $37.7 million, up 57 percent 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 percent as compared to the fourth quarter of 2015. Non-GAAP operating margin was 18.3 percent of revenue as compared to 16.3 percent of revenue in the fourth quarter of 2015.

Non-GAAP net income of $79.8 million was up 19 percent 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 percent in the fourth quarter of 2015, and the non-GAAP tax rate was 24 percent, 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," said 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 percent as compared to fiscal 2015. Engineering and Construction revenue was $1.3 billion, up 2 percent. Field Solutions revenue was $354.3 million, down slightly. Mobile Solutions revenue was $559.7 million, up 8 percent. Advanced Devices revenue was $134.6 million, up 2 percent.

GAAP operating income was $181.0 million, up 17 percent as compared to fiscal 2015. GAAP operating margin was 7.7 percent of revenue as compared to 6.7 percent 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 percent as compared to fiscal 2015. Non-GAAP operating margin was 17.2 percent of revenue as compared to 17.0 percent of revenue in fiscal 2015.

Non-GAAP net income of $302.4 million was up 4 percent 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 percent as compared to 20 percent in fiscal 2015, and the non-GAAP tax rate was 24 percent, unchanged from fiscal 2015.

Operating cash flow for fiscal 2016 was $407.1 million, up 15 percent as compared to fiscal 2015. Deferred revenue for fiscal 2016 was $284.2 million, up 8 percent 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.

Forward Looking Guidance

For the first quarter of 2017 Trimble expects revenue to be between $585 million and $615 million with GAAP earnings per share of $0.12 to $0.17 and non-GAAP earnings per share of $0.27 to $0.32. Non-GAAP guidance excludes the amortization of intangibles of $32 million related to previous acquisitions, anticipated acquisition costs of $3 million, the anticipated impact of stock-based compensation expense of $14 million, and $2 million in anticipated restructuring charges. GAAP and non-GAAP guidance assumes a tax rate of 24 percent. Both GAAP and non-GAAP earnings per share assume approximately 256 million shares outstanding.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on February 8 at 2:00 p.m. PT to review its fourth quarter and full year 2016 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website, www.trimble.com, under the subheading "Events & Presentations". 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). The passcode is 61296487. The replay will also be available on the Web at the address above.

Use of Non-GAAP Financial Information

To help our investors understand our past financial performance and our future results, as well as our performance relative to competitors, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. These non-GAAP measures can be used to evaluate our historical and prospective financial performance, as well as our performance relative to competitors. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and to make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Further, we believe some of our investors track our "core operating performance" as a means of evaluating our performance in the ordinary, ongoing, and customary course of our operations. Core operating performance excludes items that are non-cash, not expected to recur or not reflective of ongoing financial results. Management also believes that looking at our core operating performance provides a supplemental way to provide consistency in period to period comparisons.

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