In its first quarter reporting, Trimble TRMB 0.93%↑ said it had revenue of $953.3 million—which is up on a year-over-year basis. However, the company said the numbers were flat on an organic basis.
The company reported more than $2 billion in annualized recurring revenue, which was up 23 percent year-over-year. For the second quarter, Trimble expects to report $845 million to $875 million in revenue.
“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 CEO, in a statement. “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.”
The company also reported strong transportation revenue of $195 million during the quarter. These numbers constituted a 33 percent year-over-year increase. Painter said Trimble’s transportation and logistics segment was boosted by strong bookings from the company’s Transporeon unit.”
