Trimble Q4 Net Down As Revenues Drop, Misses View; 2023 Guidance Below View

(RTTNews) - Trimble Inc. (TRMB), an industrial technology company, on Wednesday reported lower profits in the fourth quarter, amidst a drop in revenues. Both earnings and revenues missed estimates.

Net income was $85.6 million or $0.34 per share as compared with $115.3 million or $0.45 per share in the prior-year period.

Adjusted net income was $149.9 million or $0.60 per share as compared with $157.8 million or $0.62 per share in the prior-year period. 11 analysts polled by Thomson Reuters were expecting the company to report earnings of $0.61 per share. Analysts typically exclude one-time items.

Revenue dropped 8 percent to $856.5 million, from $926.0 million in the fourth quarter of the prior year. 10 analysts polled by Thomson Reuters were expecting the company to report revenues of $877.16 million.

For the full year 2023, before incorporating the expected financial impacts of the pending acquisition of Transporeon, the company expects revenue to be between $3.7 billion and $3.8 billion. 12 analysts expect the company to earn revenues of $3.87 billion in 2023.

Earnings per share is expected between $1.59 and $1.79 and; adjusted earnings per share between $2.66 and $2.86. 11 analysts expect the company to earn $2.93 per share in 2023.

Shares of Trimble are currently trading in pre-market at $59.63, up $0.69 or 1.17 percent from the previous close.