Trimble Inc TRMB reported fourth-quarter 2024 revenue growth of 5% year-over-year to $983.4 million.
The company beat the analyst consensus estimate of $944.4 million.
Revenue growth was 17% Y/Y on an organic basis in the quarter. Annualized recurring revenue was $2.26 billion, up 14% Y/Y on both reported and organic basis.
The GPS navigation maker's adjusted EPS of 89 cents beat the analyst consensus estimate of 88 cents.
The adjusted gross margin expanded by 300 bps Y/Y to 71.7% in the quarter. Trimble held $738.8 million in cash and equivalents as of the fourth quarter of 2024.
Buyback: Trimble’s board has approved a share buyback program of up to $1 billion.
Outlook: For FY25, Trimble expects revenue of $3.37 billion-$3.47 billion vs. $3.43 billion estimate and adjusted EPS of $2.76-$2.98 versus the $2.89 estimate.
The company projects first-quarter revenue of $794 million-$824 million, vs. $804.42 million estimate and adjusted EPS of 55-61 cents, versus the 60-cent estimate.
“Fiscal 2024 was a transformative year for Trimble. We simplified and focused the Company through portfolio moves and re-segmentation,” Trimble CEO Rob Painter said.
The company also reported “record levels of software as a percent of total revenue,” Painter added.
Investors can gain exposure to the stock via ARK Space Exploration & Innovation ETF ARKX and Procure Space ETF UFO.
Price Action: Trimble shares are up 1.68% at $76.40 premarket at the last check Wednesday.
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