Trimble Reports Third Quarter 2024 Financial Results

Trimble Inc. (NASDAQ: TRMB) has released its financial results for the third quarter of 2024. Despite a 9% decrease in revenue compared to the previous year, Trimble saw a 3% increase in organic revenue, reaching $875.8 million. Annualized recurring revenue (ARR) experienced significant growth, reaching $2.19 billion, up 13% year-over-year and 14% organically. GAAP net income was $40.6 million, with diluted earnings per share at $0.16 on a GAAP basis and $0.70 on a non-GAAP basis.

The company’s GAAP operating income stood at $116.4 million, representing 13.3% of revenue, while non-GAAP operating income reached $224.8 million, making up 25.7% of revenue. Trimble’s Executive Officer, Rob Painter, expressed satisfaction with the quarter’s performance, emphasizing the company’s record ARR and gross margin of 68.5%.

Looking ahead, Trimble has raised its full-year 2024 guidance, expecting revenue between $3,625 million and $3,665 million. The company anticipates GAAP earnings per share of $6.25 to $6.32 and non-GAAP earnings per share of $2.79 to $2.87. The fourth quarter of 2024 is projected to see revenue between $925 million and $965 million, with GAAP earnings per share of $0.52 to $0.61 and non-GAAP earnings per share of $0.83 to $0.91.

Trimble will host an investor conference call on November 6, 2024, to discuss these results further. The company is continuing its focus on the Connect & Scale strategy, recently divesting its Mobility division to streamline its operations. Additionally, Trimble is preparing for its Dimensions user conference in November and an investor day in December.

It’s important to note that Trimble’s global operations might be affected by various factors mentioned in the release, including macroeconomic conditions, geopolitical conflicts, and supply chain disruptions. The company emphasizes that any failure to achieve predicted results could impact its financial performance. Interested parties can access the full 8-K SEC Filing for more detailed information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Trimble’s 8K filing here.

Trimble Company Profile

Trimble Inc provides technology solutions that enable professionals and field mobile workers to enhance or transform their work processes worldwide. The company's Buildings and Infrastructure segment offers field and office software for project design and visualization; systems to guide and control construction equipment; software for 3D design and data sharing; systems to monitor, track, and manage assets, equipment, and workers; software to share and communicate data; program management solutions for construction owners; 3D conceptual design and modeling software; building information modeling software; enterprise resource planning, project management, and project collaboration solutions; integrated site layout and measurement systems; cost estimating, scheduling, and project controls solutions; and applications for sub-contractors and trades.