Trimble(TRMB)2025-02-19 12:04Financial Performance - Trimble reported Q4 2024 revenue of $983.4 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, while non-GAAP net income was $221.5 million with diluted EPS of $0.89[9] - Net income for 2024 reached $1,504.4 million, a significant increase from $311.3 million in 2023[20] - Total segment revenue for 2024 was $3,683.3 million, up from $3,598.7 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 $932.4 million in Q4 2023[24] - GAAP diluted net income per share for Q4 2024 was $0.36, compared to $0.25 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 $96.9 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 $934.7 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 $226.6 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 $3,470 million, with GAAP EPS guidance of $1.46 to $1.67 and non-GAAP EPS guidance of $2.76 to $2.98[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, while non-GAAP diluted net income per share is expected to be between $0.55 and $0.61[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 $175.0 million during fiscal 2024[10] - The company repurchased $175.0 million in common stock during 2024, compared to $100.0 million in 2023[20] Cash Flow and Financial Health - Cash flow from operating activities for 2024 was $531.4 million, a decrease from $597.1 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 $2,068.1 million in 2023[20] - The company’s cash and cash equivalents at the end of the period increased to $747.8 million from $238.9 million at the beginning of the period[20] - Trimble's total liabilities decreased to $3,743.0 million in 2024 from $5,039.2 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 $1,535.9 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 $168.5 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 $122.0 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]