Trimble Q3 Results Beat Market; Issues Q4 View, Lifts FY24 Outlook; Stock Up - Update

(RTTNews) - Technology company Trimble Inc. (TRMB), while reporting weak third -quarter results, yet above market estimates, on Wednesday issued fourth -quarter outlook. The company further trimmed its fiscal 2024 earnings view on a reported basis, but raised the lower end of its forecast range for adjusted earnings and revenues.

In pre-market activity on the Nasdaq, Trimble shares were gaining around 7.2 percent to trade at $66.06.

For the fourth quarter, Trimble expects to report earnings per share of $0.52 to $0.61, adjusted earnings per share of $0.83 to $0.91, and revenue between $925 million and $965 million.

Analysts on average expect the company to report earnings of $0.88 per share on revenues of $942.79 million for the third quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, for fiscal 2024, the company now expects earnings per share of $6.25 to $6.32, adjusted earnings per share of $2.79 to $2.87 and reveneus between $3.63 billion and $3.67 billion.

The company previously expected 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.

In its third quarter, Trimble reported a profit of $40.6 million or $0.16 per share, compared to $74.9 million or $0.30 per share last year.

Adjusted earnings were $171.9 million or $0.70 per share for the period, compared to $0.68 per share a year ago. Analysts had expected the company to earn $0.62 per share.

The company's revenue for the quarter fell 8.5 percent to $875.8 million from $957.3 million last year. The Street was looking for revenues of $864.51 million for the quarter.

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