Trimble Inc. reported Thursday record first-quarter revenue of $994 million, a 12% year-over-year increase.
Trimble (NASDAQ: TRMB) reported a 2% increase in transportation revenue year-over-year to nearly $159 million in the first quarter after a 3% year-over-year slump during the fourth quarter of 2021 due to supply chain disruptions.
“We continue to progress in the conversion of our transportation enterprise software business to recurring revenue models and make good progress in developing a new product in our mobility business, which we believe will improve both margins and competitiveness when it is launched later this year,” Trimble CFO David Barnes said during the earnings call Thursday.
Barnes said the new product will provide more features for users, making it more competitive. The maps business in transportation is “growing well,” he added.
Trimble reported its adjusted earnings per share grew by 10.6% from 2021 to reach 73 cents in the first quarter of 2022. Adjusted operating income grew by 11.4% year-over-year to $233 million.
“Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, how we move,” Rob Painter, president and CEO, said in a release.
The Sunnyvale, California-based company provides technology solutions for trucking companies, freight brokerages and 3PLs.
“Record total revenue and annualized recurring revenue demonstrate the value of our continuing growth and commitment to innovation and sustainability. Excluding the impact of our recently announced divestitures and recent changes in foreign exchange rates, our updated guidance reflects a projection of higher ARR growth, revenue and earnings,” Painter said.
Updated 2022 outlook
Trimble updated its revenue and adjusted EPS for 2022 following the first-quarter results.
“After giving effect to the recently announced divestitures of the Time and Frequency, Loadrite, Spectra Precision Tools, Seco accessories and Beena Vision businesses and effects of recent changes in foreign exchange rates, for the full-year 2022 Trimble now expects to report revenue between [$3.8 billion and $3.88 billion] and non-GAAP earnings per share between $2.71 and $2.86. Non-GAAP guidance assumes a tax rate between 18.5 to 19%,” the company said in a statement.