Trimble Lifts FY24 Forecast As Q2 Beats Market; Stock Up - Update

(RTTNews) - Technology company Trimble Inc. (TRMB), while reporting second-quarter profit and revenues above market estimates, on Tuesday issued third-quarter outlook. The company further raised its fiscal 2024 forecast for earnings and revenues.

On the Nasdaq, Trimble shares were gaining around 4.3 percent to trade at $51.95.

For the third quarter, Trimble expects earnings per share of $0.28 to $0.34, and adjusted earnings per share of $0.58 to $0.64, on revenue between $840 million and $880 million.

Analysts on average expect the company to report earnings of $0.62 per share on revenues of $871.14 million for the third quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, for fiscal 2024, Trimble now expects to report earnings per share of $6.41 to $6.54, adjusted earnings per share of $2.67 to $2.81, and revenues between $3.59 billion and $3.67 billion.

The company previously expected adjusted earnings per share of $2.60 to $2.80 on revenues between $3.57 billion and $3.67 billion.

The Street is looking for annual earnings of $2.73 per share on revenues of $3.63 billion.

In its second quarter, Trimble's bottom line came in at $1.316 billion, or $5.34 per share, compared to $44.6 million, or $0.18 per share last year.

Adjusted earnings were $151.9 million or $0.62 per share for the period. Analysts had expected the company to earn $0.58 per share.

The company's revenue for the quarter fell 12.4 percent to $870.8 million from $993.6 million last year, while analysts expected revenues of $862.5 million.

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