Trimble Announces First Quarter 2024 Results

WESTMINSTER, Colo., May 3, 2024 — (PRNewswire) — Trimble Inc. (NASDAQ: TRMB) today announced financial results for the first quarter of 2024.

First Quarter 2024 Financial Highlights

  • Revenue of $953.3 million, up 4 percent on a year-over-year basis, flat on an organic basis
  • Annualized recurring revenue ("ARR") was $2.03 billion, up 23 percent year-over-year, up 13 percent on an organic basis
  • GAAP operating income was $109.2 million, 11.5 percent of revenue and non-GAAP operating income was $234.4 million, 24.6 percent of revenue
  • GAAP net income was $57.2 million and non-GAAP net income was $159.1 million
  • Diluted earnings per share ("EPS") was $0.23 on a GAAP basis and $0.64 on a non-GAAP basis
  • Adjusted EBITDA was $250.9 million, 26.3 percent of revenue
  • Share repurchases of $175.0 million

Executive Quote

"We had a strong start to the year, delivering record annualized recurring revenue of $2.03 billion and record first quarter gross margin.  And on April 1, we closed our agriculture joint venture with AGCO," said Rob Painter, Trimble's president and chief executive officer. "With our new reporting segment and organization structure in place, we have further simplified and focused the Company to enable our customers to transform how they work, while creating value for our shareholders."

Forward-Looking Guidance

For the full-year 2024, Trimble expects to report revenue between $3,570 million and $3,670 million and non-GAAP EPS of $2.60 to $2.80. The full year 2024 non-GAAP EPS assumes a tax rate of 17.3 percent and approximately 244 million average shares outstanding.

For the second quarter of 2024, Trimble expects to report revenue between $845 million and $875 million and non-GAAP EPS of $0.56 to $0.60. The second quarter of 2024 non-GAAP EPS assumes a tax rate of 17.3 percent and approximately 247 million average shares outstanding.

Full-year 2024 and second quarter of 2024 guidance both reflect the closing of the joint venture with AGCO which closed at the beginning of the second quarter of 2024.

Trimble is unable to provide a quantitative reconciliation of these measures to GAAP with a reasonable degree of accuracy because Trimble has not determined all assets, liabilities, and other adjustments, as well as related tax expense to calculate a gain associated with the agriculture business that was contributed to the joint venture with AGCO. Additionally the fair value of our 15 percent investment in the joint venture with AGCO has not been reasonably determined. An explanation of how we calculate non-GAAP EPS and other information relating to this non-GAAP measure is included in the supplemental schedule attached.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on May 3, 2024 at 8:00 a.m. ET to review its first quarter of 2024 results. An accompanying slide presentation will be made available on the "Investors" section of the Trimble website,, under the subheading "Events & Presentations." The call will be broadcast live on the web at Investors without internet access may dial into the call at (888) 660-6347 (U.S.) or (929) 201-6594 (international). The conference ID is 1043223. The replay will also be available on the web at the address above.

About Trimble

Trimble is transforming the ways people move, build and live. Core technologies in positioning, modeling and data analytics connect the digital and physical worlds to improve our customers' productivity, quality, safety, transparency and sustainability. For more information about Trimble (NASDAQ: TRMB), visit:

Safe Harbor

Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include expectations about our future financial and operational results. These forward-looking statements are subject to change, and actual results may materially differ due to certain risks and uncertainties. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products, obtain new customers, effectively integrate new acquisitions or consummate divestitures in a timely manner, or get the benefits it is expecting from its joint ventures, including with AGCO. The Company's results would also be negatively impacted due to weakness and deterioration in the US and global macroeconomic outlook, including slowing growth, inflationary pressures and increases in interest rates, which may affect demand for our products and services and increase our costs, adversely affecting our revenues and profitability, supply chain shortages and disruptions, the pace at which our dealers work through their inventory, changes in our distribution channels, adverse geopolitical developments and the potential impact of volatility and conflict in the political and economic environment, including conflicts in the Middle East and between Russia and Ukraine and its direct and indirect impact on our business, foreign exchange fluctuations, the pace we transition our business model towards a subscription model, the imposition of barriers to international trade, the impact of acquisitions or divestitures, and our ability to maintain effective internal controls over financial reporting, including our ability to remediate our material weaknesses in our internal control over financial reporting. Any failure to achieve predicted results could negatively impact the Company's revenue, cash flow from operations, and other financial results. The Company's financial results will also depend on a number of other factors and risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.

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