Yahoo Finance Trimble (TRMB) Q1 Earnings Beat Estimates, Revenues Up Y/Y
Trimble TRMB delivered first-quarter 2024 non-GAAP earnings of 64 cents per share, which surpassed the Zacks Consensus Estimate by 8.47% but decreased 11.1% on a year-over-year basis.
Revenues of $953.3 million beat the Zacks Consensus Estimate by 2.29% and increased 4.1% year over year.
Product revenues (accounted for 38.5% of total revenues) totaled $367.1 million, down 15.5% on a year-over-year basis. Subscription and services revenues (61.5% of total revenues) increased 22% year over year to $586.2 million.
TRMB generated annualized recurring revenues of $2.03 billion, which increased 23% on a year-over-year basis (up 13% on an organic basis).
Trimble Inc. Price, Consensus and EPS Surprise
Trimble Inc. price-consensus-eps-surprise-chart | Trimble Inc. Quote
Quarter Details
AECO revenues (35.6% of total revenues) were $339.1 million, which increased 17.7% year over year.
Field Systems revenues (44% of total revenues) of $419.2 million fell 12.6% year over year.
T&L revenues (20.4% of total revenues) of $195 million surged 32.3% year over year.
In the first quarter of 2024, the non-GAAP gross margin came in at 65.8%, expanding 160 basis points (bps) year over year.
On a non-GAAP basis, operating expenses accounted for 41.2% of revenues, up 170 bps year over year.
Non-GAAP operating margin came in at 24.6%, which contracted 10 bps year over year.
Balance Sheet
At the end of the first quarter of 2024, cash and cash equivalents were $255.1 million, up from $229.8 million at the end of the fourth quarter of 2023.
Total debt was $3.03 billion at the end of the first quarter compared with $3.07 billion at the fourth-quarter end.
TRMB bought shares worth $175 million in the reported quarter.
Guidance
For second-quarter 2024, Trimble expects revenues between $845 million and $875 million. The Zacks Consensus Estimate is pegged at $867.99 million, indicating a 12.64% year-over-year decline.
The company expects non-GAAP earnings between 56 cents and 60 cents per share. The consensus estimate is pegged at 62 cents per share, unchanged over the past 30 days.
For 2024, Trimble expects revenues between $3.57 billion and $3.67 billion. The Zacks Consensus Estimate is pegged at $3.60 billion, indicating a 5.26% year-over-year decline.
Trimble expects 2024 non-GAAP earnings between $2.60 and $2.80 per share. The Zacks Consensus Estimate for earnings is pegged at $2.70 per share, unchanged over the past 30 days.
Zacks Rank & Other Stocks to Consider
Trimble currently carries a Zacks Rank #2 (Buy).
Shares of Trimble have returned 5.8% on a year-to-date basis, underperforming the Zacks Computer and Technology sector’s return of 10.7%.
Some other top-ranked stocks from the broader Computer and Technology sector are Arista Networks ANET, Airbnb ABNB and NVIDIA NVDA, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Arista Networks have gained 17.7% year to date. ANET is set to report first-quarter 2024 results on May 7.
Shares of Airbnb have rallied 18.5% year to date. ABNB is set to report first-quarter 2024 results on May 8.
Shares of NVIDIA have surged 84.2% year to date. NVDA is slated to report first-quarter 2024 results on May 22.
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