Trimble Inc. announced financial results for the third quarter of 2024.
Third Quarter 2024 Financial Highlights
- Revenue of $875.8 million, down 9 percent on a year-over-year basis, up 3 percent on an organic basis
- Annualized recurring revenue ("ARR") was $2.19 billion, up 13 percent year-over-year, up 14 percent on an organic basis
- GAAP operating income was $116.4 million, 13.3 percent of revenue and non-GAAP operating income was $224.8 million, 25.7 percent of revenue
- GAAP net income was $40.6 million and non-GAAP net income was $171.9 million
- Diluted earnings per share ("EPS") was $0.16 on a GAAP basis and $0.70 on a non-GAAP basis
- Adjusted EBITDA was $237.4 million, 27.1 percent of revenue
Executive Quote
"The Trimble team executed well in the quarter, exceeding expectations on both top and bottom lines, while delivering a record $2.19 billion of ARR and record gross margin of 68.5 percent," said Rob Painter, Trimble's President and Chief Executive Officer. "We continue to progress our Connect & Scale strategy with the recently announced Mobility divestiture, which will further simplify and focus our business. We look forward to hosting our Dimensions user conference from November 11-13, 2024 and our investor day on December 10, 2024."
Forward-Looking Guidance
For the full-year 2024, Trimble expects to report revenue between $3,625 million and $3,665 million, GAAP earnings per share of $6.25 to $6.32, and non-GAAP earnings per share of $2.79 to $2.87. GAAP guidance assumes a tax rate of 24.9 percent and non-GAAP guidance assumes a tax rate of 17.3 percent. Both GAAP and non-GAAP earnings per share assume approximately 247 million shares outstanding.
For the fourth quarter of 2024, Trimble expects to report revenue between $925 million and $965 million, GAAP earnings per share of $0.52 to $0.61, and non-GAAP earnings per share of $0.83 to $0.91. GAAP guidance assumes a tax rate of 13.0 percent and non-GAAP guidance assumes a tax rate of 17.4 percent. Both GAAP and non-GAAP earnings per share assume approximately 247 million shares outstanding.
Full-year 2024 and fourth quarter of 2024 guidance both reflect the closing of the joint venture with AGCO which closed at the beginning of the second quarter of 2024. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.
Investor Conference Call / Webcast Details
Trimble will hold a conference call on November 6, 2024 at 8:00 a.m. ET to review its third quarter of 2024 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website, www.trimble.com, under the subheading "Events & Presentations." The call will be broadcast live on the web at http://investor.trimble.com. Investors without internet access may dial into the call at (888) 660-6347 (U.S.) or (929) 201-6594 (international). The conference ID is 1043223. The replay will also be available on the web at the address above.
