Earnings Summary: Trimble Reports Revenue Growth in Q1 2024
Trimble Reports Strong Q1 2024 Financial Results
Trimble Inc. (NASDAQ: TRMB), a provider of navigation systems and data collection systems, reported an increase in revenues for the first quarter of 2024. Q1 revenue increased 4% year-over-year to $953.3 million, with the company achieving an annualized recurring revenue of $2.03 billion.
Financial Highlights:
- Operating Income: Q1 operating income rose 11.5% annually to $109.2 million.
- Adjusted EBITDA: Increased 26.3% year-over-year to $250.9 million in the first quarter.
Despite the positive revenue growth, net income decreased to $57.2 million, reflecting a lower per-share value compared to the previous year. Trimble's fiscal 2024 outlook forecasts revenue between $3,570 million and $3,670 million, and adjusted earnings per share between $2.60 and $2.80.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.