GNSS Manufacturer Trimble Reports Strong Growth in 2011, Predicts More in 2012

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Trimble’s year-on-year revenues grew 35 percent to $435.2 million in the fourth quarter of 2011, while GAAP net income declined 20 percent, according to results reported by the Sunnyvale, California–based company on February 2.

For the 2011 fiscal year, revenue was $1.64 billion, up approximately 27 percent from FY 2010.

Fiscal 2011 GAAP net income was $150.8 million, up 45 percent as compared to fiscal 2010.  Diluted earnings per share in fiscal 2011 were $1.20 as compared to diluted earnings per share of $0.84 in fiscal 2010.

The company point out that, when looking at year-over-year GAAP results, the fourth quarter of 2010 experienced a tax benefit of 61 percent versus a tax rate of 8 percent in the fourth quarter of 2011. The fourth quarter 2010 tax benefit primarily stemmed from a non-recurring income tax benefit for a valuation allowance release of $7.6 million and a catch up on R&D tax credits due to legislation passed in the fourth quarter of 2010.

“Our performance in the fourth quarter capped a strong year which exceeded our original expectations," said Steven W. Berglund, Trimble's president and CEO.  "We carry this momentum with us into 2012 which, subject to worldwide economic conditions, is expected to be another strong year.”