Benzinga - by Anusuya Lahiri, Benzinga Editor.
Trimble Inc (NASDAQ:TRMB) reported a fiscal first-quarter 2024 revenue growth of 4% to $953.30 million, beating the consensus of $912.53 million. Revenue growth was flat Y/Y on an organic basis.
The adjusted EPS of $0.64 beat the consensus of $0.62. The stock price gained after the results in the premarket session, only to fall after the market opened.
Annualized recurring revenue was $2.03 billion, up 23% Y/Y on an organic basis.
Product revenue declined 15.5% Y/Y to $367.1 million. Subscription and services grew by 21.9% Y/Y to $586.2 million.
The adjusted gross margin expanded by 160 bps to 65.8%.
Trimble held $255.1 million in cash and equivalents as of the first quarter of 2024.
“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,” said Rob Painter, Trimble’s president and chief executive officer.
FY24 Outlook: Trimble reiterated fiscal 2024 revenue of $3.57 billion – $3.67 billion, below the consensus of $3.61 billion.
It also maintained adjusted EPS of $2.60 – $2.80 against the Street view of $2.73.
Trimble expects second-quarter revenue of $845 million – $875 million (consensus $881 million) and adjusted EPS of $0.56 – $0.60 (consensus $0.61).
Trimble stock gained 27% in the last 12 months. Investors can gain exposure to the stock via Procure Space ETF (NASDAQ:UFO) and IShares Emergent Food And AgTech Multisector ETF (NASDAQ:IVEG).
Price Action: TRMB shares traded higher by 5.25% at $56.92 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.