SUNNYVALE, Calif. — Trimble (NASDAQ: TRMB) announced fourth quarter and fiscal year end 2015 results on Feb. 9.

Fourth Quarter 2015 Financial Summary

Fourth quarter 2015 revenue of $559.7 million was down 1% as compared to the fourth quarter of 2014. Engineering and Construction revenue was $319.1 million, down 3%. Field Solutions revenue was $79.4 million, down 2%. Mobile Solutions revenue was $132.2 million, up 7%. Advanced Devices revenue was $29.0 million, down 5%. Foreign currency translation unfavorably impacted company revenue by approximately 3% as compared to the fourth quarter of 2014.

GAAP operating income was $32.9 million, down 57% as compared to the fourth quarter of 2014. Fourth quarter 2014 GAAP operating and net income results were positively impacted by the reversal of a $51.3 million reserve for legal matters related to a jury verdict that was overturned. GAAP operating margin was 5.9% of revenue as compared to 13.6% of revenue in the fourth quarter of 2014.

GAAP net income was $24.0 million, down 57% as compared to the fourth quarter of 2014. Diluted GAAP earnings per share were $0.09 as compared to diluted GAAP earnings per share of $0.21 in the fourth quarter of 2014. The GAAP tax rate for the fourth quarter was 16%.

Non-GAAP operating income of $91.1 million was up 8% as compared to the fourth quarter of 2014. Non-GAAP operating margin was 16.3% of revenue as compared to 14.9% of revenue in the fourth quarter of 2014.

Non-GAAP net income of $67.3 million was down 12% as compared to the fourth quarter of 2014. Diluted non-GAAP earnings per share were $0.27 as compared to diluted non-GAAP earnings per share of $0.29 in the fourth quarter of 2014. The non-GAAP tax rate for the fourth quarter was 24 percent, compared to 5% in the fourth quarter of 2014.

"The quarter was more robust than we originally anticipated with relative strength across the company," said Steven W. Berglund, Trimble's president and chief executive officer. "The quarterly performance provides additional support for our 2016 expectations. Agriculture revenue was flat year to year, geospatial continues its recovery from the oil price shock, building construction's growth continues to be consistent, and transportation and logistics continues to build momentum."

Fiscal 2015 Financial Summary

Fiscal 2015 revenue of $2.3 billion was down 4% as compared to fiscal 2014. Engineering and Construction revenue was $1.3 billion, down 5%. Field Solutions revenue was $355.3 million, down 16%. Mobile Solutions revenue was $520.3 million, up 7%. Advanced Devices revenue was $131.5 million, down 5%. Foreign currency translation unfavorably impacted company revenue by approximately 4% as compared to fiscal 2014.

GAAP operating income was $154.4 million, down 41% as compared to fiscal 2014. GAAP operating margin was 6.7% of revenue as compared to 10.9% of revenue in fiscal 2014.

GAAP net income was $121.1 million, down 43% as compared to fiscal 2014. Diluted GAAP earnings per share were $0.47 as compared to diluted GAAP earnings per share of $0.81 in fiscal 2014. The GAAP tax rate for fiscal year 2015 was 20%.

Non-GAAP operating income of $389.9 million was down 19% as compared to fiscal 2014. Non-GAAP operating margin was 17% of revenue as compared to 20% of revenue in fiscal 2014.

Non-GAAP net income of $291.8 million was down 25% as compared to fiscal 2014. Diluted non-GAAP earnings per share were $1.13 as compared to diluted non-GAAP earnings per share of $1.46 in fiscal 2014. The non-GAAP tax rate for fiscal 2015 was 24%, compared to 19% in fiscal 2014.

Operating cash flow in fiscal 2015 was $354.9 million, down 13% as compared to fiscal 2014.

During fiscal 2015, Trimble repurchased $234.4 million of its common stock, through a combination of open market purchases and an accelerated share repurchase program. Approximately $250 million remains under the current share repurchase authorization.

Forward Looking Guidance

For the first quarter of 2016 Trimble expects revenue to be between $565 million and $595 million with GAAP earnings per share of $0.06 to $0.11 and non-GAAP earnings per share of $0.25 to $0.30. Non-GAAP guidance excludes the amortization of intangibles of $40 million related to previous acquisitions, anticipated acquisition costs of $3 million, the anticipated impact of stock-based compensation expense of $15 million, and $3 million in anticipated restructuring charges. GAAP and non-GAAP guidance assume a tax rate of 24% and approximately 254 million shares outstanding.