Trimble reported its first quarter 2019 GAAP revenue of $801.6 million was up 8% vs. the first quarter of 2018. Resources and Utilities revenues, which include the company’s ag activities, was $159.5 million, flat on a year-over-year basis.

Buildings and Infrastructure revenue was $294.7 million, up 30%. Geospatial revenue was $161.2 million, down 8%. Transportation revenue was $189.1 million, up 3%. Segment revenues reflect the results of Trimble's reportable segments under its management reporting system and are non-GAAP measures.

GAAP operating income was $86.3 million, up 34% as compared to the first quarter of 2018. GAAP operating margin was 10.8% of revenue as compared to 8.6% of revenue in the first quarter of 2018. GAAP net income was $62.3 million, up 6% as compared to the first quarter of 2018.

Trimble 1Q18 — Selected Financial Information
($000s)
 

First Quarter 2019

First Quarter 2018
Revenue    

Product

 $488.4 $497.8

Service

 $159.2 $128.8

Subscription

 $154.0 $115.6
Total revenue $801.6 $742.2
Cost of Sales    

Product

 $230.7 $235.4

Service

 $64.0 $59.6

Subscription

 $44.4 $27.9

Amortization of purchased
intangible assets

 $24.2 $23.1
Total cost of sales $363.3 $346.0
Gross margin $438.3 $396.2
Gross margin (%) 54.7% 53.4%
Net income $62.4 $58.7