Workflow
Trimble(TRMB) - 2024 Q4 - Annual Results
TRMBTrimble(TRMB)2025-02-19 12:04

Financial Performance - Trimble reported Q4 2024 revenue of 983.4million,a5983.4 million, a 5% increase year-over-year, and a 17% increase on an organic basis[9] - GAAP net income for Q4 2024 was 90.2 million, with diluted earnings per share (EPS) of 0.36,whilenon−GAAPnetincomewas0.36, while non-GAAP net income was 221.5 million with diluted EPS of 0.89[9]−Netincomefor2024reached0.89[9] - Net income for 2024 reached 1,504.4 million, a significant increase from 311.3millionin2023[20]−Totalsegmentrevenuefor2024was311.3 million in 2023[20] - Total segment revenue for 2024 was 3,683.3 million, up from 3,598.7millionin2023,representingagrowthofapproximately2.43,598.7 million in 2023, representing a growth of approximately 2.4%[22] - GAAP revenue for Q4 2024 was 983.4 million, a 5.4% increase from 932.4millioninQ42023[24]−GAAPdilutednetincomepershareforQ42024was932.4 million in Q4 2023[24] - GAAP diluted net income per share for Q4 2024 was 0.36, compared to 0.25inQ42023,reflectinga44.00.25 in Q4 2023, reflecting a 44.0% increase[25] Earnings and Margins - The company achieved a record gross margin of 69.3% in Q4 2024, compared to 61.9% in Q4 2023[9] - GAAP operating income for Q4 2024 was 173.5 million, a significant increase from 96.9millioninQ42023,reflectingamarginincreasefrom10.496.9 million in Q4 2023, reflecting a margin increase from 10.4% to 17.6%[24] - Non-GAAP operating income for the full year 2024 was 937.2 million, or 25.4% of revenue, compared to 934.7million,or24.6934.7 million, or 24.6% in 2023[24] - Non-GAAP operating income for Q4 2024 was 283.6 million, representing 28.8% of revenue, compared to 226.6millionor24.3226.6 million or 24.3% of revenue in Q4 2023[25] Guidance and Future Outlook - For full-year 2025, Trimble expects revenue between 3,370 million and 3,470million,withGAAPEPSguidanceof3,470 million, with GAAP EPS guidance of 1.46 to 1.67andnon−GAAPEPSguidanceof1.67 and non-GAAP EPS guidance of 2.76 to 2.98[5]−Themobilitydivestiture,whichclosedonFebruary8,2025,isreflectedintheguidanceforbothfull−year2025andQ12025[7]−ForecastedGAAPdilutednetincomepershareforQ12025isprojectedtobebetween2.98[5] - The mobility divestiture, which closed on February 8, 2025, is reflected in the guidance for both full-year 2025 and Q1 2025[7] - Forecasted GAAP diluted net income per share for Q1 2025 is projected to be between 0.21 and 0.27,whilenon−GAAPdilutednetincomepershareisexpectedtobebetween0.27, while non-GAAP diluted net income per share is expected to be between 0.55 and 0.61[25]ShareholderReturns−Trimbleauthorizeda0.61[25] Shareholder Returns - Trimble authorized a 1 billion share repurchase program, replacing the existing authorization[8] - The company repurchased approximately 2.9 million shares for 175.0millionduringfiscal2024[10]−Thecompanyrepurchased175.0 million during fiscal 2024[10] - The company repurchased 175.0 million in common stock during 2024, compared to 100.0millionin2023[20]CashFlowandFinancialHealth−Cashflowfromoperatingactivitiesfor2024was100.0 million in 2023[20] Cash Flow and Financial Health - Cash flow from operating activities for 2024 was 531.4 million, a decrease from 597.1millionin2023[20]−Thecompanyreportedanetcashprovidedbyinvestingactivitiesof597.1 million in 2023[20] - The company reported a net cash provided by investing activities of 1,861.1 million in 2024, a turnaround from a net cash used of 2,068.1millionin2023[20]−Thecompany’scashandcashequivalentsattheendoftheperiodincreasedto2,068.1 million in 2023[20] - The company’s cash and cash equivalents at the end of the period increased to 747.8 million from 238.9millionatthebeginningoftheperiod[20]−Trimble′stotalliabilitiesdecreasedto238.9 million at the beginning of the period[20] - Trimble's total liabilities decreased to 3,743.0 million in 2024 from 5,039.2millionin2023,indicatingimprovedfinancialhealth[18]SegmentPerformance−OperatingincomefortheAECOsegmentin2024was5,039.2 million in 2023, indicating improved financial health[18] Segment Performance - Operating income for the AECO segment in 2024 was 463.6 million, with an operating income margin of 34.1%, compared to 29.6% in 2023[22] - The Field Systems segment generated 1,535.9millioninrevenuefor2024,downfrom1,535.9 million in revenue for 2024, down from 1,967.9 million in 2023, indicating a decline of approximately 22%[22] Deferred Revenue and Taxation - Deferred revenue increased to 168.5millionin2024from168.5 million in 2024 from 26.0 million in 2023, indicating a strong growth in future revenue recognition[20] - Cash tax paid for the Ag divestiture in 2024 was 122.0million,withnotaxpaidforthepreviousyear[20]CapitalExpenditures−Capitalexpendituresfortheyear2024were122.0 million, with no tax paid for the previous year[20] Capital Expenditures - Capital expenditures for the year 2024 were 33.6 million, down from $42.0 million in 2023, indicating a reduction of 20.9%[25] Strategic Focus - The company plans to continue focusing on market expansion and new product development to drive future growth[24]