Earnings Summary: Trimble reports strong Q4 2023 financial results

Trimble Inc. (NASDAQ: TRMB), a provider of navigation systems and data collection systems, on Monday reported an increase in revenues and adjusted earnings for the fourth quarter of 2023.

• Fourth-quarter revenue increased 9% year-over-year to $932.4 million; moved up 3% on an organic basis
• Annualized recurring revenue came in at $1.98 billion, up 24% year-over-year and 13% on an organic basis
• Q4 operating income was $96.9 million, on a reported basis, representing 10.4% of total revenue
• Unadjusted net income decreased to $63.0 million or $0.25 per share in Q4 from $85.6 million or $0.34 per share last year
• On an unadjusted basis, net income rose to $0.63/share during the three months, from $0.60 per share in Q4 2022
• For fiscal 2024, Trimble expects to report revenue between $3,570 million and $3,670 million
• It is looking for full-year non-GAAP EPS of $2.60 to $2.80, which assumes a tax rate of 17.5% and 243 million shares outstanding
• For the first quarter of 2024, the company expects to report revenue between $905 million and $935 million