Trimble Reports Fourth Quarter and Full Year 2015 Results
SUNNYVALE, Calif., Feb. 9, 2016 /PRNewswire/ —Â Trimble (NASDAQ: TRMB) today announced fourth quarter and fiscal year end 2015 results.
Fourth Quarter 2015 Financial Summary
Fourth quarter 2015 revenue of $559.7 million was down 1 percent as compared to the fourth quarter of 2014. Engineering and Construction revenue was $319.1 million, down 3 percent. Field Solutions revenue was $79.4 million, down 2 percent. Mobile Solutions revenue was $132.2 million, up 7 percent. Advanced Devices revenue was $29.0 million, down 5 percent. Foreign currency translation unfavorably impacted company revenue by approximately 3 percent as compared to the fourth quarter of 2014.
GAAP operating income was $32.9 million, down 57 percent as compared to the fourth quarter of 2014. Fourth quarter 2014 GAAP operating and net income results were positively impacted by the reversal of a$51.3 million reserve for legal matters related to a jury verdict that was overturned. GAAP operating margin was 5.9 percent of revenue as compared to 13.6 percent of revenue in the fourth quarter of 2014.
GAAP net income was $24.0 million, down 57 percent as compared to the fourth quarter of 2014. Diluted GAAP earnings per share were $0.09 as compared to diluted GAAP earnings per share of $0.21 in the fourth quarter of 2014. The GAAP tax rate for the fourth quarter was 16 percent.
Non-GAAP operating income of $91.1 million was up 8 percent as compared to the fourth quarter of 2014. Non-GAAP operating margin was 16.3 percent of revenue as compared to 14.9 percent of revenue in the fourth quarter of 2014.
Non-GAAP net income of $67.3 million was down 12 percent as compared to the fourth quarter of 2014. Diluted non-GAAP earnings per share were $0.27 as compared to diluted non-GAAP earnings per share of$0.29 in the fourth quarter of 2014. The non-GAAP tax rate for the fourth quarter was 24 percent, compared to 5 percent in the fourth quarter of 2014.
“The quarter was more robust than we originally anticipated with relative strength across the company,” saidSteven W. Berglund, Trimble’s president and chief executive officer. “The quarterly performance provides additional support for our 2016 expectations. Agriculture revenue was flat year to year, geospatial continues its recovery from the oil price shock, building construction’s growth continues to be consistent, and transportation and logistics continues to build momentum.”
Fiscal 2015 Financial Summary
Fiscal 2015 revenue of $2.3 billion was down 4 percent as compared to fiscal 2014. Engineering and Construction revenue was $1.3 billion, down 5 percent. Field Solutions revenue was $355.3 million, down 16 percent. Mobile Solutions revenue was $520.3 million, up 7 percent. Advanced Devices revenue was $131.5 million, down 5 percent. Foreign currency translation unfavorably impacted company revenue by approximately 4 percent as compared to fiscal 2014.
GAAP operating income was $154.4 million, down 41 percent as compared to fiscal 2014. GAAP operating margin was 6.7 percent of revenue as compared to 10.9 percent of revenue in fiscal 2014.
GAAP net income was $121.1 million, down 43 percent as compared to fiscal 2014. Diluted GAAP earnings per share were $0.47 as compared to diluted GAAP earnings per share of $0.81 in fiscal 2014. The GAAP tax rate for fiscal year 2015 was 20 percent.
Non-GAAP operating income of $389.9 million was down 19 percent as compared to fiscal 2014. Non-GAAP operating margin was 17.0 percent of revenue as compared to 20.0 percent of revenue in fiscal 2014.
Non-GAAP net income of $291.8 million was down 25 percent as compared to fiscal 2014. Diluted non-GAAP earnings per share were $1.13 as compared to diluted non-GAAP earnings per share of $1.46 in fiscal 2014. The non-GAAP tax rate for fiscal 2015 was 24 percent, compared to 19 percent in fiscal 2014.
Operating cash flow in fiscal 2015 was $354.9 million, down 13 percent as compared to fiscal 2014.
During fiscal 2015, Trimble repurchased $234.4 million of its common stock, through a combination of open market purchases and an accelerated share repurchase program. Approximately $250 million remains under the current share repurchase authorization.
