Trimble Inc TRMB reported a fourth-quarter FY23 revenue growth of 9% to $932.40 million, beating the consensus of $909.53 million. Revenue grew by 3% Y/Y on an organic basis.
The adjusted EPS of $0.63 beat the consensus of $0.59. The stock price dropped after the results.
Annualized recurring revenue was $1.98 billion, up 13% Y/Y on an organic basis.
Product revenue declined 3.1% Y/Y to $402.8 million. Subscription and services grew by 20.2% Y/Y to $529.6 million.
The adjusted gross margin expanded by 350 bps to 65.3%.
Trimble held $229.8 million in cash and equivalents.
CEO Rob Painter said, “We enter 2024 with resolve to continue executing our strategy and returning capital to shareholders while navigating macroeconomic uncertainties.”
FY24 Outlook: Trimble anticipates fiscal 2024 revenue of $3.57 billion – $3.67 billion, below the consensus of $3.84 billion.
It also expects adjusted EPS of $2.60 – $2.80 against the Street view of $2.72.
Trimble expects first-quarter revenue of $905 million – $935 million (consensus $977.07 million) and adjusted EPS of $0.57 – $0.62 (consensus $0.68).
Price Action: TRMB shares traded lower by 5.33% at $49.71 premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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