Trimble Inc. (NASDAQ: TRMB), a provider of navigation systems and data collection systems, on Friday reported an increase in revenues for the first quarter of 2024.
- Q1 revenue increased 4% year-over-year to $953.3 million; the top line was flat on an organic basis
- Annualized recurring revenue was $2.03 billion in Q1, up 23% year-over-year and up 13% on an organic basis
- Q1 operating income, on a reported basis, was $109.2 million; at $234.4 million, adjusted operating income was 24.6% of revenue
- Net income decreased to $57.2 million or $0.23 per share in the March quarter from $128.8 million or $0.52 per share a year earlier
- Unadjusted earnings, on a per-share basis, decreased to $0.64 during the three months from $0.72 a year earlier
- Adjusted EBITDA increased 26.3% year-over-year to $250.9 million in the first quarter
- During the quarter, Trimble repurchased $175.0 million of its common shares
- For fiscal 2024, the company expects revenue to be between $3,570 million and $3,670 million and adjusted earnings per share between $2.60 and $2.80
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