From NASDAQ: 2024-05-06 13:49:00

Trimble (TRMB) exceeded expectations with first-quarter 2024 non-GAAP earnings of 64 cents per share, down 11.1% year-over-year but beating estimates by 8.47%. Revenues of $953.3 million also surpassed expectations, with product revenues down 15.5% and subscription/services revenues up 22%. The company generated $2.03 billion in annualized recurring revenues, a 23% increase year-over-year. AECO revenues were up 17.7%, while Field Systems revenues decreased by 12.6%. In Q1 2024, non-GAAP gross margin expanded to 65.8%. Trimble’s cash and cash equivalents increased to $255.1 million, and total debt was $3.03 billion. The company repurchased shares worth $175 million. For Q2 2024, Trimble projects revenues between $845 million and $875 million, with non-GAAP earnings expected between 56 cents and 60 cents per share. For the full year, revenues are estimated between $3.57 billion and $3.67 billion, with non-GAAP earnings between $2.60 and $2.80 per share. Trimble currently carries a Zacks Rank #2 (Buy). Other top-ranked stocks in the Computer and Technology sector include Arista Networks (ANET), Airbnb (ABNB), and NVIDIA (NVDA), each carrying a Zacks Rank #2 as well. Trimble shares have returned 5.8% year-to-date, underperforming the sector’s return of 10.7%. Shares of Arista Networks have gained 17.7% year-to-date, Airbnb 18.5%, and NVIDIA 84.2%. Trimble expects a year-over-year decline in revenues and earnings for both Q2 and full-year 2024.



Read more at NASDAQ: Trimble (TRMB) Q1 Earnings Beat Estimates, Revenues Up Y/Y