WESTMINSTER, CO., -- Trimble Inc. announced financial results for the second quarter of 2024.

Second Quarter 2024 Financial Highlights

  • Revenue of $870.8 million, down 12 percent on a year-over-year basis, up 1 percent on an organic basis
  • Annualized recurring revenue ("ARR") was $2.11 billion, up 12 percent year-over-year, up 14 percent on an organic basis
  • GAAP operating income was $61.6 million, 7.1 percent of revenue and non-GAAP operating income was $194.4 million, 22.3 percent of revenue
  • GAAP net income was $1,316.4 million and non-GAAP net income was $151.9 million
  • Diluted earnings per share ("EPS") was $5.34 on a GAAP basis and $0.62 on a non-GAAP basis
  • Adjusted EBITDA was $214.0 million, 24.6 percent of revenue

Executive Quote

"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."

Forward-Looking Guidance

For 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.

For 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 GAAP and non-GAAP earnings per share assume approximately 245 million shares outstanding.

Full-year 2024 and third 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. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.

Click here for more Industry News.