Trimble (NASDAQ: TRMB) reported Q1 EPS of $0.49, $0.08 better than the analyst estimate of $0.41. Revenue for the quarter came in at $792.3 million versus the consensus estimate of $779.6 million.

First Quarter 2020 Financial Summary

• First quarter 2020 GAAP revenue of $792.3 million was down 1 percent as compared to the first quarter of 2019. First quarter 2020 non-GAAP revenue of $794.0 million was down 1 percent as compared to the first quarter of 2019.
• Buildings and Infrastructure revenue was $296.9 million, up 1 percent. Geospatial revenue was $146.2 million, down 9 percent. Resources and Utilities revenue was $180.3 million, up 13 percent. Transportation revenue was $170.6 million, down 10 percent.
• GAAP operating income was $98.3 million, up 14 percent as compared to the first quarter of 2019. GAAP operating margin was 12.4 percent of revenue as compared to 10.8 percent of revenue in the first quarter of 2019.
• GAAP net income was $61.9 million, down 1 percent as compared to the first quarter of 2019. GAAP diluted earnings per share were both $0.25 in the first quarter of 2020 and 2019.
• Non-GAAP operating income of $161.2 million was up 4 percent as compared to the first quarter of 2019. Non-GAAP operating margin was 20.3 percent of revenue as compared to 19.4 percent of revenue in the first quarter of 2019.
• Non-GAAP net income of $122.5 million was up 8 percent as compared to the first quarter of 2019. Non-GAAP diluted earnings per share were $0.49 as compared to non-GAAP diluted earnings per share of $0.45 in the first quarter of 2019.
• The GAAP tax rate for the quarter was 22.0 percent as compared to 17.0 percent in the first quarter of 2019, and the non-GAAP tax rate was 17.5 percent as compared to 20.0 percent in the first quarter of 2019.
• Operating cash flow for the first quarter of 2020 was $155.7 million, up 5 percent as compared to the first quarter of 2019. Deferred revenue for the first quarter of 2020 was $551.5 million, up 19 percent as compared to the first quarter of 2019.
• During the first quarter, Trimble repurchased approximately 1.2 million shares of its common stock for $50 million. Given the current environment, the Company has suspended further stock repurchases.

"During these unprecedented times, the health and safety of our employees, dealers, partners, and customers is our first priority," said Rob Painter, Trimble's president and chief executive officer. "Our businesses remain essential and we are fully committed to achieving our purpose, to transform the way the world works, and to leverage technology to bring productivity and connectivity to our end markets. In today's distributed and remote work environments, now more than ever technology can be used to help our customers complete and coordinate tasks, increase productivity, and achieve more in their daily work. We have taken decisive action to ensure safe working environments and to enhance our financial position, which will enable us to stay focused on our Connect & Scale 2025 strategy."

Forward Looking Guidance

Trimble's financial results for the remainder of 2020 will be impacted by continued global economic uncertainty due to the COVID-19 pandemic. As such, Trimble is not providing a financial outlook for the second quarter of 2020 or the remainder of 2020 at this time.

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