Business

Trimble Reports Robust Financial Outcomes for First Quarter 2024, Showcasing Significant Growth

WESTMINSTER, Colo., May 3, 2024 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB), a global leader in technology solutions, today disclosed its first quarter financial outcomes for the year 2024, demonstrating a remarkable surge in revenue and margins.

First Quarter 2024 Financial Milestones

The company witnessed its annualized recurring revenue (ARR) soar to a record $2.03 billion, marking an impressive 23% year-over-year growth, and a solid 13% growth on an organic basis. Notably, the record GAAP gross margin reached 62.3%, while the non-GAAP gross margin climbed to an extraordinary 65.8%.

In terms of operating income, GAAP operating income was reported at $109.2 million, constituting 11.5% of revenue. Meanwhile, non-GAAP operating income remarkably stood at $234.4 million, representing 24.6% of revenue. In alignment with these robust results, the adjusted EBITDA was also significant at $250.9 million, signaling 26.3% of revenue.

Revenue Dynamics

Revenue for the first quarter reached $953.3 million, indicating a 4% year-over-year increase, while maintaining stability on an organic basis. The company's financial solidity was further evidenced through share repurchases amounting to $175.0 million.

Executive Insights

Rob Painter, Trimble's president and chief executive officer, expressed his contentment with the company's performance, "We had a strong start to the year, delivering record annualized recurring revenue of $2.03 billion and record first quarter gross margin. And on April 1, we closed our agriculture joint venture with AGCO. With our new reporting segment and organization structure in place, we have further simplified and focused the Company to enable our customers to transform how they work while creating value for our shareholders."

Forward-Looking Guidance

Looking ahead, Trimble anticipates full-year 2024 revenue to range between $3,570 million and $3,670 million, with a non-GAAP EPS of $2.60 to $2.80. For the second quarter of 2024 alone, expected revenue lies between $845 million and $875 million, coupled with non-GAAP EPS ranging from $0.56 to $0.60. These forecasts incorporate the expected contributions from the recent joint venture with AGCO, which commenced at the start of the second quarter.

However, Trimble advises that a quantitative reconciliation of these measures to GAAP is currently uncertain as the company is yet to finalize numerous adjustments, including the proper valuation of the agriculture business engaged in the AGCO joint venture.

Detailed Conference Call and Webcast

Investors eager to learn more about Trimble's first quarter of 2024 outcomes are invited to join a conference call scheduled for May 3, 2024, at 8:00 a.m. ET. An accompanying slide presentation will be readily available on the "Investors" section of the Trimble website, under "Events & Presentations." Interested parties can tune in to the live webcast via investor.trimble.com. Additionally, a replay will also be accessible on the company's website.

For more detailed information about Trimble Inc., its innovative transformation of the ways people move, build, and live, visit the official website: www.trimble.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual results may differ materially due to various factors, such as the ability to market, manufacture and ship new products, effectively integrate acquisitions, consummate divestitures, and maintain effective internal controls over financial reporting. The company's results could also be impacted by macroeconomic factors, supply chain shortages, changes in distribution channels, and geopolitical developments.

Trimble cautions not to place undue reliance on these forward-looking statements, which are valid as of the date of release. The company expressly disclaims any obligation to update any statements as a result of new information or future events.

Condensed Consolidated Financial Statements

In the accompanying condensed consolidated statements of income, Trimble showcases a year-over-year comparison that reveals significant trends in revenue, cost of sales, operating expenses, and net income for the first quarters of 2024 and 2023. These detailed financials provide investors with a transparent view of the company's growth and financial health.

Furthermore, the consolidated balance sheets and cash flow statements give a snapshot of the company's financial position as of the first quarter of 2024 and the year-end of 2023, including assets, liabilities, and stockholders' equity.

Reporting Segments Overview

Trimble's reporting segments include AECO (Architecture, Engineering, Construction, and Operations), Field Systems, and T&L (Transportation and Logistics), with each demonstrating notable contributions to the overall revenue and operating income. These segmented financials portray a diversified and robust business capable of driving growth across multiple domains.

To access the full detailing of the company's condensed consolidated statements of income, balance sheets, cash flows, reporting segments, and the GAAP to non-GAAP reconciliation, please visit the following link: Trimble's financial tables.

Overall, Trimble's remarkable financial performance in the first quarter of 2024 mirrors the company's strong business strategy, customer focus, and commitment to innovation. The consistently increasing ARR and strategic partnerships, such as the alliance with AGCO, reaffirm an optimistic trajectory for the future.

Investors are encouraged to delve deeper into the disclosed financial statements for a comprehensive understanding of Trimble’s successful financial journey and business strategies for the coming year.

Please visit the investor relations section of Trimble's official website to examine the complete financial information and tune in to upcoming events or presentations. For dedicated and up-to-date investor information, Trimble has it all covered via its interactive financial web presence.

In conclusion, Trimble has proven once again its capacity to rise to the occasion, meeting the dynamic needs of its customers, advancing the industry with its cutting-edge solutions, and generating considerable value for its investors. With a solid financial foundation and an unyielding commitment to progress, Trimble is poised for sustained growth in 2024 and beyond.

For media inquiries or additional information regarding this press release, please contact the Trimble corporate communications department.

This news release has been officially issued by Trimble and is available for reference on their corporate website.

Note: Some forward-looking statements in this news article are based on current expectations, and the actual outcomes could differ materially from those anticipated.