SUNNYVALE, Calif. — Trimble (TRMB) today announced financial results for the third quarter of 2016.

Third Quarter 2016 Financial Summary

Third quarter 2016 revenue of $584.1 million was up 4% as compared to the third quarter of 2015. Engineering and Construction revenue was $332.4 million, up 2%. Field Solutions revenue was $77.9 million, up 6%. Mobile Solutions revenue was $138.5 million, up 5%. Advanced Devices revenue was $35.3 million, up 15%.

GAAP operating income was $55.3 million, up 20% as compared to the third quarter of 2015. GAAP operating margin was 9.5% of revenue as compared to 8.2% of revenue in the third quarter of 2015.

GAAP net income was $39.2 million, up 6% as compared to the third quarter of 2015. Diluted GAAP earnings per share were $0.15 as compared to diluted GAAP earnings per share of $0.14 in the third quarter of 2015.

Non-GAAP operating income of $110.8 million was up 6% as compared to the third quarter of 2015. Non-GAAP operating margin was 19.0% of revenue as compared to 18.7% of revenue in the third quarter of 2015.

Non-GAAP net income of $84.0 million was up 8% as compared to the third quarter of 2015. Diluted non-GAAP earnings per share were $0.33 as compared to diluted non-GAAP earnings per share of $0.30 in the third quarter of 2015.

The GAAP tax rate for the quarter was 25 percent as compared to 15% in the third quarter of 2015, and the non-GAAP tax rate was 24%, unchanged from the third quarter of 2015. 

Operating cashflow for the first three quarters of 2016 was $282.0 million, up 2% as compared to the first three quarters of 2015. Deferred revenue for the third quarter of 2016 was $294.3 million, up 7% as compared to the third quarter of 2015.

During the third quarter, Trimble repurchased approximately 0.4 million shares of its common stock for $10.0 million, and year to date has repurchased approximately 4.2 million shares for $102.2 million. Approximately $148 million remains under the current share repurchase authorization as of the end of the third quarter.

“Our results in the quarter demonstrated progress, both top and bottom line,” said Steven W. Berglund, Trimble's president and chief executive officer. “We encountered more challenges than anticipated in the U.S., particularly in the geospatial market. Although we anticipate market ambiguities to persist into 2017, we continue to expect 2017 to be a year of growth and margin expansion.”