Trimble today announced second quarter 2013 revenue of $576.3 million, up 11 percent as compared to the second quarter of 2012.

GAAP operating income for the second quarter of 2013 was $64.9 million, or 11.3 percent of revenue, as compared to 11.4 percent of revenue in the second quarter of 2012. 

GAAP net income for the second quarter of 2013 was $54.6 million, up 2 percent as compared to the second quarter of 2012. Diluted GAAP earnings per share in the second quarter of 2013 were $0.21, flat with the second quarter of 2012.  The tax rate for the second quarter of 2013 was 20 percent as compared to 16 percent in the second quarter of 2012.

Non-GAAP operating income for the second quarter of 2013 was $120.3 million, or 20.9 percent of revenue, compared to $105.2 million, or 20.3 percent of revenue, in the second quarter of 2012.  

Non-GAAP net income of $98.6 million for the second quarter of 2013 was up 7 percent as compared to the second quarter of 2012.  Diluted non-GAAP earnings per share were $0.38 in the second quarter of 2013, as compared to diluted non-GAAP earnings per share of $0.36 in the second quarter of 2012. 

Second quarter 2013 non-GAAP results included the following adjustments as compared to the second quarter of 2012:

  • Restructuring expense of $3.7 million as compared to $1.1 million;
  • Amortization of intangibles of $39.8 million as compared to $29.1 million;
  • Stock-based compensation expense of $8.4 million as compared to $8.2 million;
  • Acquisition-related inventory step-up charge of $524 thousand as compared to $122 thousand;
  • Acquisition and divestiture costs of $2.5 million as compared to $7.3 million.

"We met expectations in the second quarter in spite of problematic conditions in some of our markets.  Despite those challenges the Engineering & Construction, Mobile Solutions, and Advanced Devices segments all demonstrated year-to-year revenue and margin growth," said Steven W. Berglund, Trimble's president and chief executive officer.

"The most significant issue for us was in the Field Solutions segment which declined year-to-year, primarily as a result of lower GIS revenues which were impacted by cutbacks in government funding.  Agriculture sales declined slightly due to market conditions in the U.S., which were partially offset by strong growth in the rest of the world.  We anticipate some of these market conditions to continue for the rest of the year; we nonetheless continue to expect double digit revenue growth for the second half."