Trimble Reports 2023 Earnings, Gives 2024 Guidance

Trimble Changes Headquarters to Westminster, Colorado

Trimble $TRMB reported nearly $3.8 billion in 2023 revenue—a 3 percent year-over-year increase—and expects to report income between $3.57 billion and $3.67 billion this year.

In its 8-K filing, Trimble said GAAP net income was $311.3 million and non-GAAP net income was $663.7 million in 2023.  During the year, the company also repurchased 2.4 million shares for $100 million.

“We finished 2023 with a record level of ARR, Gross Margin, and Adjusted EBITDA,” said Rob Painter, Trimble’s president and CEO, in a statement. “We enter 2024 with resolve to continue executing our strategy and returning capital to shareholders, while navigating macroeconomic uncertainties.”

Trimble saw increased revenue in 2023, stable 2024 outlook (Photo: Trimble).

The company also reported its fourth quarter earnings, which was $932.4 million—up 9 percent on a year-over-year basis.  For the first quarter of 2024, Trimble said expects to report revenue between $905 million and $935 million and non-GAAP EPS of 57 cents to 62 cents.

A strong market for Trimble has been in transportation, with bookings for its Transporeon subsidiary achieving 20 percent growth over the last year, according to FreightWaves.  Germany-based Transporeon, a logistics company, was acquired by Trimble in December 2022 for $1.98 billion.

Despite increased revenues from Transporeon, compared to a strong North American segment, the European market has been disappointing for Trimble, the company said.


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