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WESTMINSTER, Colo. – Trimble Inc. (NASDAQ: TRMB) reported a strong 2023 with fourth-quarter earnings per share (EPS) of $0.63, beating analyst expectations and beating consensus estimates of $0.60 by $0.03. We have reported our annual financial results. .
The company's revenue for the quarter also exceeded expectations, coming in at $932.4 million compared to the expected $911.71 million.
The company's fourth quarter results showed a 9% year-over-year increase in sales and a record annual recurring revenue (ARR) of $1.98 billion, a 24% year-over-year increase.
Rob Painter, president and CEO of Trimble, said this growth was driven by record levels of ARR, gross margin and adjusted EBITDA. “We enter 2024 with a determination to execute on our strategy and continue to return capital to our shareholders while navigating macroeconomic uncertainty,” Painter said.
Looking forward, Trimble has provided full-year 2024 guidance, projecting revenue of between $3.57 billion and $3.67 billion and adjusted EPS of $2.60 to $2.80. This estimate would miss the consensus revenue estimate of $3.84 billion, but would be below the consensus EPS estimate of $2.72.
For the first quarter of 2024, the company expects revenue to be between $905 million and $935 million, and adjusted EPS between $0.57 and $0.62.
Investors responded favorably to the earnings report and guidance, and Trimble's stock price rose 3.6%. This increase reflects the market's positive reaction to the company's financial performance and strategic outlook for the coming year.
Trimble's full-year 2023 numbers also showed growth, with sales up 3% year over year. The company reported GAAP operating income of $448.8 million (11.8% of sales) and non-GAAP operating income of $934.7 million (24.6% of sales). Additionally, Trimble repurchased approximately 2.4 million shares during the fiscal year with his $100 million.
The company's 2024 outlook assumes the joint venture with AGCO will close in the early second quarter, which could be a strategic move for future growth.
Trimble's solid financial results and optimistic response from the market place the company in a strong position heading into the new financial year, despite recognizing the challenges posed by the current macroeconomic environment. is showing.
Investment Pro Insights
As Trimble Inc. (NASDAQ: TRMB) comes off a strong 2023 fiscal year, it's worth noting that the company trades at a high P/E multiple of 39.99, reflecting investor confidence in its future growth prospects. Masu. The company's stock has returned a strong 25.47% total price return over the past three months, which is consistent with the market's positive reaction to recent earnings reports and forward guidance.
Trimble stock generally has low price volatility, suggesting it could be a stable addition to an investment portfolio. The company's trailing 12-month revenue as of Q1 2023 was $3,722 million, with a gross margin of 63.44%, which is notable, demonstrating the business' ability to remain profitable. It's also important to highlight that analysts expect Trimble to remain profitable this year, which could provide further reassurance to investors.
For those looking to learn more about Trimble's financial health and future prospects, InvestingPro provides a wealth of additional insight. Now available are 7 more her InvestingPro tips to help investors make more informed decisions. To explore these tips and get a comprehensive understanding of Trimble's investment potential, visit https://www.investing.com/pro/TRMB.Use coupon code to get added value pro news 24 Get an extra 10% off annual or biennial Pro and Pro+ subscriptions.
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