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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except per share data) |
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(Unaudited) |
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Third Quarter of |
First Three Quarters of |
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2015 |
2014 |
2015 |
2014 |
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Revenues: |
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Product |
$373.0 |
$415.6 |
$1,168.2 |
$1,327.1 |
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Service |
103.9 |
98.3 |
310.5 |
291.7 |
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Subscription |
85.4 |
70.9 |
252.0 |
212.9 |
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Total revenues |
562.3 |
584.8 |
1,730.7 |
1,831.7 |
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Cost of sales: |
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Product |
175.5 |
189.3 |
554.0 |
605.4 |
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Service |
39.4 |
36.8 |
123.0 |
108.6 |
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Subscription |
26.1 |
21.8 |
75.8 |
58.4 |
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Amortization of purchased intangible assets |
23.3 |
20.1 |
68.8 |
61.0 |
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Total cost of sales |
264.3 |
268.0 |
821.6 |
833.4 |
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- |
- |
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Gross margin |
298.0 |
316.8 |
909.1 |
998.3 |
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Gross margin (%) |
53.0% |
54.2% |
52.5% |
54.5% |
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Operating expenses |
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Research and development |
79.6 |
79.0 |
251.3 |
237.2 |
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Sales and marketing |
89.1 |
95.8 |
281.8 |
288.8 |
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General and administrative |
63.2 |
111.4 |
192.1 |
230.2 |
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Restructuring charges |
2.7 |
0.2 |
9.0 |
1.3 |
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Amortization of purchased intangible assets |
17.4 |
19.3 |
53.4 |
56.8 |
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Total operating expenses |
252.0 |
305.7 |
787.6 |
814.3 |
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Operating income |
46.0 |
11.1 |
121.5 |
184.0 |
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Non-operating income (expense), net |
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|
Interest expense, net |
(6.4) |
(3.0) |
(19.1) |
(9.8) |
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Foreign currency transaction gain (loss) |
0.1 |
(3.2) |
1.2 |
(3.8) |
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Income from equity method investments |
4.7 |
2.8 |
14.1 |
11.5 |
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Other income (expense), net |
(0.9) |
(0.6) |
5.8 |
12.5 |
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Total non-operating income (expense), net |
(2.5) |
(4.0) |
2.0 |
10.4 |
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Income before taxes |
43.5 |
7.1 |
123.5 |
194.4 |
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Income tax provision (benefit) |
6.5 |
(4.7) |
26.7 |
36.4 |
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Net income |
37.0 |
11.8 |
96.8 |
158.0 |
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Less: Net loss attributable to noncontrolling interests |
(0.1) |
- |
(0.3) |
(0.3) |
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Net income attributable to Trimble Navigation Ltd. |
$ 37.1 |
$ 11.8 |
$ 97.1 |
$ 158.3 |
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Earnings per share attributable to Trimble Navigation Ltd. |
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|
Basic |
$ 0.15 |
$ 0.05 |
$ 0.38 |
$ 0.61 |
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Diluted |
$ 0.14 |
$ 0.04 |
$ 0.37 |
$ 0.60 |
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Shares used in calculating earnings per share: |
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|
Basic |
254.8 |
260.3 |
257.5 |
260.4 |
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Diluted |
257.2 |
264.4 |
260.3 |
265.1 |
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Trimble Reports Third Quarter 2015 Results
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