Extends Trimble's all-in-one solution for survey and machine guidance to any compact track loader bucketWESTMINSTER, Colo., Nov. 7, 2024 /PRNewswire/ -- Trimble® (Nasdaq: TRMB) announced today the availability of its Trimble Siteworks Machine Guidance Module for compact track loaders. Siteworks Machine Guidance extends the capabilities of Trimble Siteworks Software from surveying and layout to support on-machine guidance and operator assistance, now on compact track loader buckets. This marks the first new ...

Trimble Navigation (TRMB) reported $875.8 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 8.5%. EPS of $0.70 for the same period compares to $0.68 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $866.3 million, representing a surprise of +1.10%. The company delivered an EPS surprise of +12.90%, with the consensus EPS estimate being $0.62.While investors scrutinize revenue and earnings changes year-over-year and how they compare wi ...

Financial Performance - Trimble Navigation reported quarterly earnings of $0.70 per share, exceeding the Zacks Consensus Estimate of $0.62 per share, and showing an increase from $0.68 per share a year ago, resulting in an earnings surprise of 12.90% [1] - The company achieved revenues of $875.8 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.10%, although this represents a decline from year-ago revenues of $957.3 million [2] Stock Performance - Trimble shares have increased approximately 15.8% since the beginning of the year, while the S&P 500 has gained 21.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.87 on revenues of $943.87 million, and for the current fiscal year, it is $2.75 on revenues of $3.64 billion [7] Industry Outlook - The Manufacturing - General Industrial industry, to which Trimble belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Trimble's stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Trimble reported a Q3 2024 revenue decline but achieved organic growth, record recurring revenue, and record gross margin, reflecting strategic transformation Q3 2024 Key Financial Metrics (in millions) | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Revenue | $875.8 | -9% | | Organic Revenue | N/A | +3% | | Annualized Recurring Revenue (ARR) | $2.19 billion | +13% | | Organic ARR | N/A | +14% | | GAAP Operating Income | $116.4 | -4.0% | | Non-GAAP Operating Income | $224.8 | -10.4% | | GAAP Diluted EPS | $0.16 | -46.7% | | Non-GAAP Diluted EPS | $0.70 | +2.9% | | Adjusted EBITDA | $237.4 | -11.5% | - The company achieved **record annualized recurring revenue (ARR)** and **record gross margin**, demonstrating progress in its business transformation and a favorable mix shift[1](index=1&type=chunk)[3](index=3&type=chunk) - Trimble continues to simplify and focus its business through its Connect & Scale strategy, highlighted by the recently announced divestiture of the Mobility division[1](index=1&type=chunk)[3](index=3&type=chunk) [Business Outlook](index=1&type=section&id=Business%20Outlook) Trimble has raised its full-year 2024 guidance and provided specific revenue and earnings per share targets for the fourth quarter, reflecting the impact of the AGCO joint venture Full-Year 2024 Guidance (in millions) | Metric | Low End | High End | | :--- | :--- | :--- | | Revenue | $3,625 | $3,665 | | GAAP EPS | $6.25 | $6.32 | | Non-GAAP EPS | $2.79 | $2.87 | Fourth Quarter 2024 Guidance (in millions) | Metric | Low End | High End | | :--- | :--- | :--- | | Revenue | $925 | $965 | | GAAP EPS | $0.52 | $0.61 | | Non-GAAP EPS | $0.83 | $0.91 | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section provides the unaudited consolidated financial statements for Q3 and the first nine months of 2024, highlighting revenue trends, divestiture gains, and changes in cash and debt positions [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The income statement highlights a decrease in quarterly revenue and a significant increase in nine-month net income due to divestiture gains Q3 2024 vs Q3 2023 Income Statement Highlights (in millions) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Total Revenue | $875.8 | $957.3 | | Gross Margin | $575.6 | $590.2 | | Operating Income | $116.4 | $121.3 | | Net Income | $40.6 | $74.9 | | Diluted EPS | $0.16 | $0.30 | - The decline in total revenue was driven by a decrease in Product revenue (**$307.6 million** vs **$444.0 million** YoY), which was partially offset by growth in Subscription and services revenue (**$568.2 million** vs **$513.3 million** YoY)[8](index=8&type=chunk) - For the first three quarters of 2024, net income surged to **$1,414.2 million** from **$248.3 million** in the prior year, primarily due to a **$1,695.0 million** net gain on divestitures[8](index=8&type=chunk) [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects a substantial improvement in cash position and a significant reduction in total debt compared to year-end 2023 Balance Sheet Highlights (in millions) | Account | Q3 2024 | Year-End 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,036.9 | $229.8 | | Total Assets | $9,866.7 | $9,539.3 | | Total Debt (Short & Long-term) | $1,790.2 | $3,066.6 | | Total Liabilities | $3,991.6 | $5,039.2 | | Total Stockholders' Equity | $5,875.1 | $4,500.1 | - The company's cash position significantly improved, while total debt was substantially reduced compared to the end of 2023[9](index=9&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statement details cash movements from operating, investing, and financing activities, highlighting the impact of divestiture proceeds and debt repayments Cash Flow Summary - First Three Quarters (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $416.3 | $498.2 | | Net cash provided by (used in) investing activities | $1,860.0 | $(2,064.4) | | Net cash (used in) provided by financing activities | $(1,463.7) | $1,520.7 | - Cash from investing activities was strongly positive in the first nine months of 2024 due to **$1.92 billion** in proceeds from divestitures[10](index=10&type=chunk) - Financing activities used **$1.46 billion** in cash, primarily for payments on debt (**$1.80 billion**) and stock repurchases (**$175.0 million**)[10](index=10&type=chunk) [Segment Performance](index=8&type=section&id=Segment%20Performance) In Q3 2024, AECO and T&L segments reported revenue growth, while the Field Systems segment experienced a significant revenue decline, impacting overall results Q3 Segment Revenue and Operating Income (in millions) | Segment | Revenue Q3 2024 | Revenue Q3 2023 | Operating Income Q3 2024 | Operating Income Q3 2023 | | :--- | :--- | :--- | :--- | :--- | | AECO | $306.0 | $269.6 | $89.0 | $77.8 | | Field Systems | $374.6 | $495.4 | $123.7 | $165.0 | | T&L | $195.2 | $192.3 | $41.0 | $33.6 | - The Field Systems segment saw a substantial decrease in revenue by **24.4%** year-over-year[11](index=11&type=chunk) - The AECO segment demonstrated strong performance with a **13.5%** increase in revenue and a **14.4%** increase in operating income year-over-year[11](index=11&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section details adjustments to derive non-GAAP figures from GAAP, including amortization, stock-based compensation, and acquisition/divestiture items, resulting in adjusted operating income and EPS Q3 2024 GAAP to Non-GAAP Reconciliation Highlights (in millions) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | Gross Margin | $575.6 | $24.0 | $599.6 | | Operating Income | $116.4 | $108.4 | $224.8 | | Net Income | $40.6 | $131.3 | $171.9 | Q3 2024 GAAP to Non-GAAP Diluted EPS Reconciliation | Metric | Value | | :--- | :--- | | GAAP Diluted EPS | $0.16 | | Adjustments | $0.54 | | Non-GAAP Diluted EPS | $0.70 | Q3 2024 Adjusted EBITDA Calculation (in millions) | Metric | Value | | :--- | :--- | | GAAP Operating Income | $116.4 | | Non-GAAP Adjustments | $108.4 | | Depreciation & Amortization | $11.8 | | Income from equity investments, net | $0.8 | | **Adjusted EBITDA** | **$237.4** | [Definitions of Non-GAAP Measures and Other Key Metrics](index=12&type=section&id=Definitions%20of%20Non-GAAP%20Measures%20and%20Other%20Key%20Metrics) Trimble defines non-GAAP measures to reflect core operating performance by excluding non-cash and non-recurring items, alongside key metrics like ARR and Organic Revenue for clearer business trends - Non-GAAP measures exclude items such as amortization of purchased intangibles, acquisition/divestiture costs, stock-based compensation, and restructuring costs to better reflect ongoing financial results[16](index=16&type=chunk)[25](index=25&type=chunk) - **Adjusted EBITDA** is defined as non-GAAP operating income plus depreciation, cloud computing amortization, and income from equity method investments, providing a view of operational performance without the impact of capital structure and certain non-cash expenses[24](index=24&type=chunk) - **Annualized Recurring Revenue (ARR)** is a key performance indicator representing the estimated annualized value of current recurring revenue contracts from subscriptions, maintenance, and term licenses[27](index=27&type=chunk) - **Organic Revenue** and **Organic ARR** are metrics that exclude the impacts of foreign currency translation and acquisitions/divestitures from the prior 12 months to show underlying business growth[28](index=28&type=chunk)[29](index=29&type=chunk)

Record annualized recurring revenue, reflecting ongoing execution of the Connect & Scale strategy Record gross margin, demonstrating continued business transformation and favorable mix shift Continued simplification and focusing of business via recently announced Mobility divestiture Raising full year guidanceWESTMINSTER, Colo., Nov. 6, 2024 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) today announced financial results for the third quarter of 2024.Third Quarter 2024 Financial Highlights Revenue of $875.8 m ...

Core Viewpoint - Trimble is set to hold a conference call on November 6, 2024, to discuss its third quarter 2024 results, indicating a focus on transparency and communication with investors [1] Company Overview - Trimble is engaged in transforming how people move, build, and live through core technologies in positioning, modeling, and data analytics, which connect the digital and physical worlds [1] - The company's solutions aim to enhance productivity, quality, safety, transparency, and sustainability for its customers [1]

Core Insights - Trimble and John Deere have formed a strategic partnership to enhance grade control technology in the construction industry, integrating Trimble Earthworks with John Deere SmartGrade™ [1][2] - The collaboration aims to improve productivity, efficiency, and decision-making for John Deere customers by providing seamless access to Trimble's technology ecosystem [1][3] - Various purchasing options will be available for customers, including factory direct and field installations, as well as integration into the Trimble Construction One suite [2][3] Company Overview - John Deere is a global leader in agricultural, turf, construction, and forestry equipment, focusing on productivity and sustainability [3] - Trimble specializes in connecting digital and physical worlds through technologies in positioning, modeling, and data analytics to enhance productivity and safety [4]

Core Viewpoint - Caterpillar Inc. (CAT) is experiencing significant stock growth driven by China's stimulus measures, the introduction of innovative technologies, and a renewed joint venture with Trimble, positioning the company favorably in the market [1][4][20]. Stock Performance - CAT shares have increased by 17% over the past month, outperforming the industry average of 16.4% and competitors like Komatsu and Terex [2]. - The stock is currently trading at $394.05, just 1% below its 52-week high of $397.22 [1]. Technical Indicators - Technical analysis shows CAT trading above its 50-day and 200-day moving averages, indicating strong market sentiment and investor confidence [3]. Growth Drivers - China's recent stimulus package aims to revive economic growth, which is expected to boost demand for CAT's mining equipment due to rising metal prices [4]. - A recovery in China's construction sector is anticipated to benefit CAT's Construction Industries segment, which has faced declines in recent quarters [5]. Innovative Solutions - The launch of the Cat Dynamic Energy Transfer (DET) system is expected to enhance operational efficiency for miners by lowering costs and reducing greenhouse emissions [6][7]. - The extension of the joint venture with Trimble focuses on improving grade-control technologies in the construction sector [8][9]. Financial Performance - CAT has reported year-over-year improvements in earnings per share (EPS) for fourteen consecutive quarters, demonstrating resilience amid various challenges [9]. - The company is projected to see EPS growth of 3.3% in 2024 and 4.65% in 2025, with current estimates at $21.91 and $22.93 respectively [14][16]. Dividend and Returns - CAT offers a five-year dividend growth rate of 6.1% and a dividend yield of 1.43%, which is higher than the sector average [17]. - The company's return on equity stands at 59.9%, significantly above the sector average of 22.3% [18]. Valuation - CAT is trading at a forward 12-month P/E ratio of 17.37, which is above the industry average of 16.33 [19]. Conclusion - The recovery in demand in China, coupled with increased infrastructure spending and a shift towards clean energy, supports CAT's long-term growth prospects [20].

Core Viewpoint - Trimble (TRMB) has renewed its joint venture with Caterpillar (CAT), enhancing the distribution of grade control solutions in the construction sector, which broadens the availability of interoperable technologies for customers [1] Group 1: Joint Venture and Distribution - The renewed agreement between Trimble and Caterpillar strengthens their collaboration and expands the distribution network for grade control solutions [1][2] - TRMB's customers will have streamlined access to the Trimble Construction One suite, while CAT's customers will benefit from more integration options for grade control solutions [2] Group 2: Financial Performance - Trimble's shares have increased by 12.6% over the past month, outperforming the Zacks Electronics - Miscellaneous Products industry's growth of 3.7% and the broader Zacks Computer & Technology sector's return of 6% [3] - The Architecture, Engineering, Construction and Owner (AECO) segment reported an 18% increase in Annual Recurring Revenue (ARR) in Q2 2024, driven by higher adoption of advanced products like SketchUp, which has over 1 million subscribers [4] Group 3: Strategic Partnerships - Trimble's partnership with AGCO through the joint venture PTx Trimble is enhancing precision agriculture solutions, with projected revenues exceeding $2 billion by 2028 [5] - Collaborations with AGCO and Microsoft have been significant growth drivers for Trimble's success [4] Group 4: Technological Advancements - In Q2, Trimble demonstrated its commitment to technological advancement by utilizing tools like GitHub Copilot and an internal version of Microsoft Azure OpenAI, enhancing its engineering capabilities [6] - The Transportation and Logistics segment showed strong performance, with double-digit ARR growth in Q2, supported by Transporeon and its mapping business [7] Group 5: Future Outlook - Despite the positive developments, Trimble anticipates challenges in Q3 2024 due to weak momentum in its geospatial and resources and utilities segments, along with unfavorable foreign exchange rates [9] - The company expects revenues between $840 million and $880 million for Q3 2024, with non-GAAP earnings projected between 58 cents and 64 cents per share [9] Group 6: Market Valuation - Trimble's stock is currently viewed as having a stretched valuation, indicated by a Value Style Score of D [11] - The forward 12-month Price/Sales ratio for TRMB is 4.15X, higher than its median of 3.86X and the industry average of 1.80X [12]

Core Insights - Trimble announced the winners of the 2024 Tekla Global BIM Awards, highlighting innovative structural construction projects utilizing Tekla solutions [1][2][19] - The overall winner for the best BIM project of 2024 is the Kruunuvuori Bridge in Helsinki, recognized for its end-to-end BIM implementation [1][3] Award Categories and Winners - **Infrastructure Project Category**: Kruunuvuori Bridge, Finland, is noted for being the longest car-free bridge in the world at 1,200 meters, featuring a cable-stayed design and a 135-meter-high pylon [3][4] - **Public Projects Category**: Seattle Aquarium Ocean Pavilion, U.S.A., recognized for overcoming technical challenges with a complex design [6][7] - **Industrial Project Category**: Brewery Roman, Belgium, awarded for its detailed modeling and use of 3D scanning to identify conflicts [7][8] - **Sports & Recreation Projects Category**: Al Hudayriyat Island Velodrome, U.A.E., designed for over 3,500 spectators with innovative facade features [10][11] - **Commercial Project Category**: Lyyra, Finland, praised for its data-driven approach and collaboration in a constrained urban environment [12][13] - **Small Projects Category**: Te Veld Modular Homes, The Netherlands, focused on sustainability with prefab timber structures [13][14] - **Student Projects**: Tomasz Stęplowski from Wroclaw University of Science and Technology, Poland, won for his innovative design of a funicular-shaped structure [15] - **API Development Projects Category**: Keyack Technology Solutions for their Component Code Generator, which improves programming efficiency by 20% to 30% [17] - **Public Choice Winner**: Preservation Plaza Canopy, U.S.A., received the most votes from the public among 155 entries [18] Competition Overview - A total of 155 projects from 35 countries participated in the 2024 Tekla Global BIM Awards, showcasing the global reach and diversity of BIM applications [19][20] - The jury comprised international experts from various fields, emphasizing the quality and innovation of the submitted projects [19][20]