TRIMBLE INC. SEC 10-Q Report

Trimble Inc., a leading provider of advanced positioning solutions, has released its Form 10-Q report for the first quarter of 2024. The report provides a comprehensive overview of the company's financial and operational performance, reflecting the impacts of divestitures, foreign currency exchange, and strategic shifts towards recurring revenue models.

Financial Highlights

• Total Revenue: $840.6 million, decreased by 12% compared to the first quarter of 2024 due to divestitures and foreign currency exchange impacts.
• Gross Margin: $560.8 million, representing 66.7% of Total Revenue, decreased by 6% from the prior year, primarily due to divestitures and prior year software renewals.
• Operating Income: $97.5 million, decreased by 11% from the first quarter of 2024, reflecting the impact of divestitures and prior year software renewals.
• Net Income: $66.7 million, increased from $57.2 million in the first quarter of 2024, driven by lower interest expenses and improved operational efficiencies.
• Diluted EPS: $0.27, up from $0.23 in the first quarter of 2024, reflecting improved net income despite lower revenue.

Business Highlights

• Revenue Segments: The AECO segment experienced a slight decline in revenue by 1% due to the impact of prior year software renewals, offset by increased subscription revenue from products like Viewpoint, Architecture & Design, and MEP.
• Revenue Segments: Field Systems saw a 14% decrease in revenue, primarily due to divestitures and a decline in Surveying orders, despite strong demand for Civil Construction solutions.
• Revenue Segments: The T&L segment's revenue decreased by 25%, largely impacted by divestitures, with some growth driven by Transporeon and MAPS subscription revenue.
• Geographical Performance: North America contributed significantly to revenue, with AECO and Field Systems showing strong performance, while Europe and Asia Pacific saw declines due to divestitures and currency impacts.
• Geographical Performance: Revenue in the Rest of World region decreased, reflecting lower demand and the impact of divestitures.
• Future Outlook: The company continues to focus on increasing its mix of recurring revenue, which is expected to improve visibility and stability in its business operations.
• Future Outlook: The shift towards a more significant mix of recurring revenue is anticipated to mitigate the impacts of macroeconomic challenges, including geopolitical tensions and inflationary pressures.

SEC Filing: TRIMBLE INC. [ TRMB ] - 10-Q - May. 12, 2025