The across-the-board gains exceeded expectations and reflect increasing end-market strength, Trimble CEO says.
Information technology provider Trimble Inc. (NASDAQ:TRMB), which has a large exposure in the transportation segment, reported late Wednesday strong first-quarter revenue, operating income and earnings per share.
The Sunnyvale, California-based company posted adjusted revenue of $886.7 million, up 12% year-over-year. Operating income increased to $140.9 million from $98.3 million. Net income jumped to $114.6 million from $61.9 million. Diluted earnings per share, on a non-GAAP basis, hit 66 cents. The median estimate of analysts polled by Barchart was 49 cents per share.
Annualized nonrecurring revenue was reported at $1.32 billion, up 9% year-over-year.
Rob Painter, Trimble’s president and CEO, said the results “exceeded expectations” and “reflect increasing end-market strength.”
Trimble’s deep involvement in transport includes transportation management systems, fleet maintenance, final-mile routing, mapping software, freight visibility and mobile communications.
Trimble said it expects to report full-year non-GAAP earnings per share of between $2.30 and $2.50. Non-GAAP revenue should range between $3.4 billion and $3.5 billion, it said.
Trimble’s shares were unchanged in after-hours trading Wednesday after rising nearly 1.5% in the regular trading session to $81.10 a share. Year-to-date, shares are up nearly 21.5%.