Trimble Reports Fourth Quarter and Full Year 2013 Results

- Fourth Quarter 2013 Revenue $599.2 Million, Up 16 percent; GAAP Diluted Earnings Per Share $0.23: Non-GAAP Diluted Earnings Per Share $0.43

(PRNewswire) —  Trimble (NASDAQ: TRMB) today announced fourth quarter and fiscal year end results. 

Fourth Quarter 2013

Fourth quarter 2013 revenue of $599.2 million was up 16 percent as compared to the fourth quarter of 2012. 

GAAP operating income for the fourth quarter of 2013 was $67.3 million, up 122 percent as compared to the fourth quarter of 2012. GAAP operating margin was 11.2 percent of revenue as compared to 5.9 percent of revenue in the fourth quarter of 2012.

GAAP net income for the fourth quarter of 2013 was $60.0 million, up 81 percent as compared to the fourth quarter of 2012. Diluted earnings per share were $0.23 as compared to diluted earnings per share of $0.13 in the fourth quarter of 2012. The tax rate was 10 percent for the fourth quarter of 2013 as compared to 16 percent in the fourth quarter of 2012.

Fourth quarter 2013 non-GAAP operating income of $125.1 million was up 47 percent as compared to the fourth quarter of 2012. Non-GAAP operating margin was 20.9 percent of revenue as compared to 16.5 percent of revenue in the fourth quarter of 2012. 

Non-GAAP net income of $114.0 million for the fourth quarter of 2013 was up 55 percent as compared to the fourth quarter of 2012.  Diluted non-GAAP earnings per share were $0.43 as compared to diluted non-GAAP earnings per share of $0.28 in the fourth quarter of 2012. 

Fiscal 2013

Fiscal 2013 revenue of $2.3 billion was up 12 percent as compared to fiscal 2012. 

GAAP operating income for fiscal 2013 was $251.7 million, up 18 percent as compared to fiscal 2012. GAAP operating margin was 11.0 percent of revenue as compared to 10.4 percent of revenue in fiscal 2012.

GAAP net income for fiscal 2013 was $218.9 million, up 15 percent as compared to fiscal 2012. Diluted earnings per share were $0.84 as compared to diluted earnings per share of $0.74 in fiscal 2012. The tax rate was 14 percent for fiscal 2013 as compared to a tax rate of 17 percent for fiscal 2012.

Fiscal 2013 non-GAAP operating income of $473.9 million was up 19 percent as compared to fiscal 2012. Non-GAAP operating margin was 20.7 percent of revenue as compared to 19.5 percent of revenue in fiscal 2012.

Non-GAAP net income of $412.4 million for fiscal 2013 was up 21 percent as compared to fiscal 2012.  Diluted, non-GAAP earnings per share were $1.58 as compared to diluted non-GAAP earnings per share of $1.32 in fiscal 2012.

"The fourth quarter results were a strong ending to a challenging year.  Beyond the revenue growth in the quarter, fundamental financial performance continued to progress, with improved margins – reflecting a richer mix of higher-value product solutions," said Steven W. Berglund, Trimble's president and chief executive officer.  "While the fourth quarter supports the anticipation of an improved organic growth outlook for 2014, the environment continues to be comparatively uncertain with variations of regional economic performance, continuing deferrals of investment, and continued constrained government funding." 

Results by Segment

Segment operating income is revenue less cost of sales and operating expenses, excluding general corporate expenses, restructuring expenses, amortization of intangibles, amortization of acquisition-related inventory step-up charges and acquisition costs.  Non-GAAP segment operating income also excludes the impact of stock-based compensation expense.

Engineering and Construction (E&C)

Fourth quarter 2013 E&C revenue was $331.1 million, up 23 percent as compared to the fourth quarter of 2012. E&C growth was across all major product categories as well as from the impact of acquisitions.

Fourth quarter 2013 operating income in E&C was $68.0 million, or 20.5 percent of revenue, as compared to $39.2 million, or 14.6 percent of revenue, in the fourth quarter of 2012. Non-GAAP operating income was $71.6 million, or 21.6 percent of revenue, as compared to $42.4 million, or 15.8 percent of revenue, in the fourth quarter of 2012.  Non-GAAP operating margin was up due to increased sales of higher gross margin products and leverage on higher revenue.

Fiscal 2013 E&C revenue was $1.2 billion, up 12 percent as compared to fiscal 2012.  Revenue growth was primarily due to sales of building construction and heavy and highway solutions, as well as the impact of acquisitions. 

Fiscal 2013 operating income in E&C was $251.3 million, or 20.6 percent of revenue, as compared to $207.2 million, or 19.0 percent of revenue in fiscal 2012. Non-GAAP operating income was $263.6 million, or 21.6 percent of revenue, as compared to $219.1 million, or 20.1 percent of revenue, in fiscal 2012.  Non-GAAP operating margin increased primarily due to a richer product mix and leverage on higher revenue.

Field Solutions

Fourth quarter 2013 Field Solutions revenue was $111.1 million, up three percent as compared to the fourth quarter of 2012 due primarily to increased sales of agriculture products, partially offset by declines in Geographic Information System (GIS) sales. 

Fourth quarter 2013 Field Solutions operating income was $38.8 million, or 35.0 percent of revenue, as compared to $37.1 million, or 34.3 percent of revenue, in the fourth quarter of 2012.  Non-GAAP operating income was $39.7 million, or 35.7 percent of revenue, as compared to $37.9 million, or 35.1 percent of revenue, in the fourth quarter of 2012.  Non-GAAP operating margin was up primarily due to higher operating leverage associated with increased revenue. 

Fiscal 2013 Field Solutions revenue was $473.9 million, down two percent as compared to fiscal 2012 due to lower sales of GIS products, partially offset by growth in agriculture product sales.

Fiscal 2013 Field Solutions operating income was $173.1 million, or 36.5 percent of revenue, as compared to $182.1 million, or 37.8 percent of revenue, in fiscal 2012.  Fiscal 2013 non-GAAP operating income was $176.2 million, or 37.2 percent of revenue, as compared to $184.9 million , or 38.4 percent of revenue, in fiscal 2012.  Non-GAAP operating margins were down primarily due to reduced operating leverage as a result of lower GIS revenue. 

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