Trimble Reports Second Quarter 2016 Results

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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