Trimble (NASDAQ: TRMB) reported Q1 EPS of $0.45, $0.01 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $804.5 million versus the consensus estimate of $806.87 million.

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."

GUIDANCE:

Trimble sees Q2 2019 EPS of $0.52-$0.56, versus the consensus of $0.53. Trimble sees Q2 2019 revenue of $850-880 million, versus the consensus of $862.46 million.

For earnings history and earnings-related data on Trimble (TRMB) click here.