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Technology provider Trimble posts strong first-quarter results

Revenue rises 12%, diluted EPS well above analysts’ estimates

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%.

Mark Solomon

Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. Solomon began his journalistic career in 1982 at Traffic World magazine, ran his own public relations firm (Media Based Solutions) from 1994 to 2008, and has been at DC Velocity since then. Over the course of his career, Solomon has covered nearly the whole gamut of the transportation and logistics industry, including trucking, railroads, maritime, 3PLs, and regulatory issues. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Postal Service from a mail-focused service to parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment.