Press release
Trimble Announces Second Quarter 2024 Results
Record annualized recurring revenue, reflecting ongoing execution of the Connect & Scale strategyRecord second quarter gross margin, demonstrating continuing
About this update from Trimble Inc.
[{"type":"text","content":"Record annualized recurring revenue, reflecting ongoing execution of the Connect & Scale strategyRecord second quarter gross margin, demonstrating continuing business transformation and favorable mix shiftRaising full year guidance for revenue and earnings per shareWESTMINSTER, Colo., Aug. 6, 2024 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) today announced financial results for the second quarter of 2024.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2024 Financial Highlights\nRevenue of $870.8 million, down 12 percent on a year-over-year basis, up 1 percent on an organic basisAnnualized recurring revenue (\"ARR\") was $2.11 billion, up 12 percent year-over-year, up 14 percent on an organic basisGAAP operating income was $61.6 million, 7.1 percent of revenue and non-GAAP operating income was $194.4 million, 22.3 percent of revenueGAAP net income was $1,316.4 million and non-GAAP net income was $151.9 millionDiluted earnings per share (\"EPS\") was $5.34 on a GAAP basis and $0.62 on a non-GAAP basisAdjusted EBITDA was $214.0 million, 24.6 percent of revenueExecutive Quote\n\"Strong execution across our business resulted in revenue and EPS above the midpoint of guidance. ARR reached a record $2.11 billion and gross margin also achieved a record level,\" said Rob Painter, Trimble's president and chief executive officer. \"Our second quarter results demonstrate how Trimble's increased level of simplification and focus is delivering technology solutions to enhance customer productivity. We are raising our total year guidance, and we are excited to see Trimble innovation continue to transform the way the world works.\"\nForward-Looking Guidance\nFor the full-year 2024, Trimble expects to report revenue between $3,590 million and $3,670 million, GAAP earnings per share of $6.41 to $6.54, and non-GAAP earnings per share of $2.67 to $2.81. GAAP guidance assumes a tax rate of 24.0 percent and non-GAAP guidance assumes a tax rate of 17.2 percent. Both GAAP and non-GAAP earnings per share assume approximately 245 million shares outstanding.\nFor the third quarter of 2024, Trimble expects to report revenue between $840 million and $880 million, GAAP earnings per share of $0.28 to $0.34, and non-GAAP earnings per share of $0.58 to $0.64. GAAP guidance assumes a tax rate of 16.2 percent and non-GAAP guidance assumes a tax rate of 17.2 percent. Both...