First Quarter 2019 Financial Summary
First quarter 2019 GAAP revenue of $801.6 million was up 8 percent as compared to the first quarter of 2018. First quarter 2019 non-GAAP revenue of $804.5 million was up 8 percent as compared to the first quarter of 2018.
Buildings and Infrastructure revenue was $294.7 million, up 30 percent. Geospatial revenue was $161.2 million, down 8 percent. Resources and Utilities revenue was $159.5 million, flat on a year-over-year basis. Transportation revenue was $189.1 million, up 3 percent. Segment revenues reflect the results of Trimble's reportable segments under its management reporting system and are non-GAAP measures.
GAAP operating income was $86.3 million, up 34 percent as compared to the first quarter of 2018. GAAP operating margin was 10.8 percent of revenue as compared to 8.6 percent of revenue in the first quarter of 2018.
GAAP net income was $62.3 million, up 6 percent as compared to the first quarter of 2018. GAAP diluted earnings per share were $0.25 as compared to GAAP diluted earnings per share of $0.23 in the first quarter of 2018.
Non-GAAP operating income of $152.9 million was up 8 percent as compared to the first quarter of 2018. Non-GAAP operating margin was 19.0 percent of revenue in both the first quarter of 2019 and 2018.
Non-GAAP net income of $113.6 million was down 1 percent as compared to the first quarter of 2018. Non-GAAP diluted earnings per share was $0.45 in both the first quarter of 2019 and 2018.
The GAAP tax rate for the quarter was 17 percent as compared to 12 percent in the first quarter of 2018, and the non-GAAP tax rate was 20 percent as compared to 19 percent in the first quarter of 2018.
Operating cash flow for the first quarter of 2019 was $147.6 million, up 78 percent as compared to the first quarter of 2018. Deferred revenue for the first quarter of 2019 was $464.4 million, up 29 percent as compared to the first quarter of 2018.
"Our first quarter results met expectations despite trade uncertainties and lower growth in China," said Steven W. Berglund, Trimble's president and chief executive officer. "Our recurring revenue demonstrated significant growth in our end-user markets and our ongoing transition to higher subscription content remains on course."
Forward Looking Guidance
For the second quarter of 2019, Trimble expects to report GAAP revenue between $849 million and $879 million and GAAP earnings per share of $0.31 to $0.35, and non-GAAP revenue between $850 million and $880 million and non-GAAP earnings per share of $0.52 to $0.56. GAAP guidance assumes a tax rate of 16 percent and non-GAAP guidance assumes a tax rate of 20 percent. Both GAAP and non-GAAP earnings per share assume approximately 254 million shares outstanding. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.
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