Sunnyvale, Calif.-based Trimble last week announced revenue of $377.8 million for its second quarter of 2008 ended June 27. Revenue was up approximately 15 percent from revenue of $327.7 million in the second quarter of 2007 because of strength in agriculture markets and strong international sales in the engineering and construction segment.
Operating income for the second quarter of 2008 was $62.9 million, up 12 percent from operating income of $56.0 million in the second quarter of 2007. Operating margins in the second quarter of 2008 were 16.7 percent, down slightly from operating margins of 17.1 percent in the second quarter of 2007.
Net income for the second quarter of 2008 was $48.6 million, up 39 percent compared to net income of $35.0 million in the second quarter of 2007. Diluted earnings per share for the second quarter of 2008 were $0.39, up 39 percent from diluted earnings per share of $0.28 in the second quarter of 2007.
“The Field Solutions segment continued its strong growth trend in the second quarter and we expect a robust agricultural environment for the remainder of the year,” said Steven Berglund, Trimble’s CEO. “The environment for the Engineering and Construction segment remains uncertain in the U.S. and European markets, with continued strength outside those regions.”
Second-quarter 2008 Engineering and Construction revenue was $213.0 million, up approximately 7 percent when compared to revenue of $198.9 million in the second quarter of 2007. E&C growth was driven by strong international sales partially offset by slower conditions in the U.S.
Second-quarter 2008 Field Solutions revenue was $90.1 million, up approximately 63 percent compared to revenue of $55.3 million in the second quarter of 2007. Revenue growth was driven primarily by strong demand for agricultural products.
“While recognizing the potential impact of economic uncertainties we are reiterating the total company revenue guidance and increasing the earnings per share guidance for the year,” said Berglund. Trimble expects revenue for the full-year 2008 to grow 15 to 17 percent with full-year non-GAAP earnings per share expected to be $1.54 to $1.59, versus previous guidance of $1.50 to $1.55.
Trimble provides technology solutions focused on applications requiring position or location-including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user.
