- Trimble Inc TRMB reported first-quarter FY22 revenue growth of 12% year-on-year to $993.7 million, beating the consensus of $968.2 million.
- Annualized recurring revenue was $1.47 billion, up 12% Y/Y.
- Product revenue grew 15.2% Y/Y to $621.6 million. Service revenue was flattish at $161.1 million. Subscription revenue rose 14.2% Y/Y to $211 million.
- The gross margin remained flattish at 55.3%. Non-GAAP EPS of $0.73 beat the consensus of $0.67.
- Trimble held $357.2 million in cash and equivalents.
- "Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, how we move," CEO Rob Painter said. "Excluding the impact of our recently announced divestitures and recent changes in foreign exchange rates, our updated guidance reflects a projection of higher ARR growth, revenue, and earnings."
- Outlook: Trimble cut the FY22 revenue guidance from $3.95 billion - $4.05 billion to $3.80 billion - $3.88 billion, below the consensus of $4.02 billion.
- Trimble slashed the non-GAAP EPS outlook from $2.75 - $2.95 to $2.71 - $2.86 below the consensus of $2.89.
- Price Action: TRMB shares traded lower by 7.78% at $64.48 on the last check Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.