Trimble Expects Revenue to Fall in 2024

Trimble, the technology provider, has issued a warning to investors, stating that it anticipates a decline in revenue for the upcoming year. Despite posting sales growth for the last quarter of 2023, the company reported a fourth-quarter profit of $63 million, which is down from $85.6 million in the same period the previous year.

Adjusted earnings for the fourth quarter were 63 cents a share, exceeding analysts' expectations of 60 cents a share. However, revenue increased by approximately 9% to $932.4 million, slightly surpassing the projected $910.1 million.

Looking ahead to 2024, Trimble aims to achieve revenue between $3.57 billion and $3.67 billion, falling short of analysts' expectations of $3.84 billion. In comparison, the company recorded revenue of $3.8 billion in 2023.

Trimble also provided guidance for adjusted earnings, projecting a range of $2.60 to $2.80 per share, lower than analysts' estimate of $2.71 per share.

For the current quarter, Trimble predicts revenue between $905 million and $935 million, below analysts' expected figure of $980.1 million. Similarly, adjusted earnings are projected to be in the range of 57 cents to 62 cents per share, falling short of analysts' anticipation of 67 cents per share.

Despite the challenging forecast, Trimble remains committed to navigating the evolving market landscape and delivering value to its stakeholders.

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