Trimble Reports Second Quarter 2019 Results

About this update from Trimble Inc.

[{"type":"text","content":"SUNNYVALE, Calif., July 31, 2019 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) today announced financial results for the second quarter of 2019.\nSecond Quarter 2019 Financial Summary\nSecond quarter 2019 GAAP revenue of $854.8 million was up 9 percent as compared to the second quarter of 2018. Second quarter 2019 non-GAAP revenue of $855.8 million was up 8 percent as compared to the second quarter of 2018.\nBuildings and Infrastructure revenue was $339.9 million, up 22 percent. Geospatial revenue was $164.4 million, down 11 percent. Resources and Utilities revenue was $152.7 million, up 5 percent. Transportation revenue was $198.8 million, up 9 percent. Segment revenues reflect the results of Trimble's reportable segments under its management reporting system and are non-GAAP measures.\nGAAP operating income was $109.7 million, up 23 percent as compared to the second quarter of 2018. GAAP operating margin was 12.8 percent of revenue as compared to 11.4 percent of revenue in the second quarter of 2018.\nGAAP net income was $94.6 million, up 48 percent as compared to the second quarter of 2018. GAAP diluted earnings per share were $0.37 as compared to GAAP diluted earnings per share of $0.25 in the second quarter of 2018.\nNon-GAAP operating income of $174.7 million was up 7 percent as compared to the second quarter of 2018. Non-GAAP operating margin was 20.4 percent of revenue as compared to 20.7 percent of revenue in the second quarter of 2018.\nNon-GAAP net income of $133.8 million was up 3 percent as compared to the second quarter of 2018. Non-GAAP diluted earnings per share were $0.53 as compared to non-GAAP diluted earnings per share of $0.51 in the second quarter of 2018.\nThe GAAP tax rate for the quarter was 18 percent as compared to 19 percent in the second quarter of 2018, and the non-GAAP tax rate was 20 percent as compared to 19 percent in the second quarter of 2018.\nOperating cash flow for the first two quarters of 2019 was $325.5 million, up 22 percent as compared to the first two quarters of 2018. Deferred revenue for the second quarter of 2019 was $452.4 million, up 27 percent as compared to the second quarter of 2018.\n\"Our second quarter results met expectations despite greater uncertainties,\" said Steven W. Berglund, Trimble's president and chief executive officer. \"Although we anticipate market ambiguities ...

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