SUNNYVALE, Calif. — Trimble Inc. today announced financial results for the first quarter of 2017.

First Quarter 2017 Financial Summary

First quarter 2017 revenue of $613.9 million was up 5% as compared to the first quarter of 2016. As previously announced, Trimble has changed the reporting of its segment financial results to better reflect the company's customer base and end markets, and our first quarter results are based on these new segments.

Buildings and Infrastructure revenue was $188.1 million, up 8%. Geospatial revenue was $149.8 million, down 2%. Resources and Utilities revenue, which includes agriculture, was $119.9 million, up 5%. Transportation revenue was $156.1 million, up 9%.

GAAP operating income was $56.6 million, up 89% as compared to the first quarter of 2016. GAAP operating margin was 9.2% of revenue as compared to 5.1% of revenue in the first quarter of 2016.

GAAP net income was $50.5 million, up 155% as compared to the first quarter of 2016. Diluted GAAP earnings per share were $0.20 as compared to diluted GAAP earnings per share of $0.08 in the first quarter of 2016.

Non-GAAP operating income of $109.2 million was up 23% as compared to the first quarter of 2016. Non-GAAP operating margin was 17.8% of revenue as compared to 15.1% of revenue in the first quarter of 2016.

Non-GAAP net income of $84.8 million was up 31% as compared to the first quarter of 2016. Diluted non-GAAP earnings per share were $0.33 as compared to diluted non-GAAP earnings per share of $0.25 in the first quarter of 2016.

The GAAP tax rate for the quarter was 23% as compared to 33% in the first quarter of 2016, and the non-GAAP tax rate was 23% as compared to 24% in the first quarter of 2016. 

Operating cashflow for the first quarter of 2017 was $102.9 million, down 10% as compared to the first quarter of 2016. Deferred revenue for the first quarter of 2017 was $337.0 million, up 5% as compared to the first quarter of 2016.

During the first quarter, Trimble repurchased approximately 0.5 million shares of its common stock for $14.2 million. Approximately $116 million remains under the current share repurchase authorization as of the end of the first quarter.

"We continued to demonstrate progression in the first quarter, with accelerating revenue growth and significant margin improvement," said Steven W. Berglund, Trimble's president and chief executive officer. "Our outlook for the remainder of the year anticipates continuing year-over-year improvement in both revenue and profitability."

About Trimble

Trimble is transforming the way the world works by delivering products and services that connect the physical and digital worlds. Core technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. From purpose built products to enterprise lifecycle solutions, Trimble software, hardware and services are transforming a broad range of industries such as agriculture, construction, geospatial and transportation and logistics. For more information about Trimble (TRMB), visit: www.trimble.com.