Trimble Inc. ( (TRMB) ) has released its Q3 earnings. Here is a breakdown of the information Trimble Inc. presented to its investors.
Trimble Inc., a leader in transforming the ways people move, build, and live, operates primarily in the positioning, modeling, and data analytics sectors. The company focuses on connecting the digital and physical worlds to improve productivity, quality, safety, transparency, and sustainability for its customers.
In its third-quarter 2024 earnings report, Trimble Inc. announced a record annualized recurring revenue (ARR) of $2.19 billion, reflecting the successful execution of its Connect & Scale strategy. Despite a 9% decrease in overall revenue year-over-year, the company reported strong financial performance, highlighted by a record gross margin and improved earnings per share. Notably, Trimble also raised its full-year guidance, signaling confidence in its ongoing business transformation.
Key financial metrics include a total revenue of $875.8 million, with a 3% increase on an organic basis. The company achieved a GAAP operating income of $116.4 million, equating to 13.3% of revenue, and a non-GAAP operating income of $224.8 million, or 25.7% of revenue. The diluted earnings per share stood at $0.16 on a GAAP basis and $0.70 on a non-GAAP basis. Trimble’s adjusted EBITDA was reported at $237.4 million, representing 27.1% of the revenue.
Strategically, Trimble continues to simplify and focus its business operations with the divestiture of its Mobility segment. This move is seen as a step forward in the company’s Connect & Scale strategy, aiming to streamline operations and enhance focus on core business areas. The company also anticipates hosting its Dimensions user conference and an investor day, which could provide further insights into its strategic direction.
Looking ahead, Trimble’s management remains optimistic, expecting full-year 2024 revenue between $3,625 million and $3,665 million. With the company’s strategic initiatives aimed at simplifying its operations and focusing on core areas, it aims to sustain growth in its ARR and maintain robust financial performance.
