Trimble Posts $983.4M Q4 Revenue, 5% YOY Growth

By Tamara Parker • Wednesday, February 19 10:45 • Permanent Link

Trimble Inc. (NASDAQ: TRMB) has announced its financial results for the fourth quarter and full year of 2024. The company reported a revenue of $983.4 million for the fourth quarter, marking a 5% increase year-over-year and a 17% increase on an organic basis. Trimble's annualized recurring revenue (ARR) also saw significant growth, reaching $2.26 billion, up 14% year-over-year and 14% on an organic basis.

The GAAP operating income for the fourth quarter was $173.5 million, representing 17.6% of revenue, while non-GAAP operating income reached $283.6 million, accounting for 28.8% of revenue. GAAP net income was reported at $90.2 million, with non-GAAP net income at $221.5 million. Diluted earnings per share (EPS) stood at $0.36 on a GAAP basis and $0.89 on a non-GAAP basis. Adjusted EBITDA for the fourth quarter was $298.1 million, representing 30.3% of revenue.

For the full fiscal year 2024, Trimble reported a revenue of $3,683.3 million, reflecting a 3% decrease year-over-year, but a 5% increase on an organic basis. GAAP operating income for the full year was $460.7 million (12.5% of revenue), while non-GAAP operating income stood at $937.2 million (25.4% of revenue). GAAP net income was reported at $1,504.4 million, with non-GAAP net income at $704.4 million. Diluted EPS for the full year was $6.09 on a GAAP basis and $2.85 on a non-GAAP basis. Adjusted EBITDA for the full fiscal year was $1,000.4 million, representing 27.2% of revenue.

During fiscal 2024, Trimble repurchased approximately 2.9 million shares for $175.0 million. Looking ahead, the company has authorized a common stock repurchase of up to $1 billion. For the full year 2025, Trimble expects to report revenue between $3,370 million and $3,470 million, with GAAP earnings per share of $1.46 to $1.67, and non-GAAP earnings per share of $2.76 to $2.98.

In the first quarter of 2025, Trimble anticipates reporting revenue between $794 million and $824 million, with GAAP earnings per share of $0.21 to $0.27, and non-GAAP earnings per share of $0.55 to $0.61. These projections take into account the closing of the mobility divestiture, which occurred on February 8, 2025.

Trimble's president and CEO, Rob Painter, expressed appreciation for the company's performance in 2024, highlighting the record levels of software as a percentage of total revenue, annualized recurring revenue, gross margin, and profitability. He also emphasized their dedication to further executing and progressing the Connect & Scale strategy in 2025 and beyond.

Trimble is focused on transforming the ways people move, build, and live, with core technologies in positioning, modeling, and data analytics to enhance productivity, quality, safety, transparency, and sustainability. The market has reacted to these announcements by moving the company's shares 1.2% to a price of $76.02. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.