Trimble records Q1 transportation revenue of $195M

Painter praised Trimble Senior Vice President Chris Keating and his team at Transporeon for their market strategy and organizational focus during the quarter.

“They predominantly delivered this bookings growth in a European region that continues to experience a freight recession,” Painter said. “They also delivered a multi-$100,000 annualized contract value global cross-sell win, selling autonomous procurement to an existing enterprise software customer that is notably in North America. We’ve also begun cross-selling our map solutions into Transporeon’s European customer base.”

Trimble reported total first-quarter revenue of $953.3 million, up 4% y/y and surpassing Wall Street estimates of $912.5 million. Adjusted earnings per share decreased 11% y/y to 64 cents but exceeded the estimated EPS of 62 cents.

Trimble (NASDAQ: TRMB) is a Westminster, Colorado-based provider of technology for trucking companies, freight brokerages and 3PLs. In addition to transportation, the company operates in industries such as buildings and infrastructure, geospatial hardware and software, and resources and utilities.

The company’s second-quarter guidance calls for total revenue of $845 million to $875 million and adjusted EPS of 56 cents to 60 cents.

For full-year 2024, Trimble expects revenue between $3.57 billion and $3.67 billion and adjusted EPS of $2.60 to $2.80. 

“Transportation revenue and organic growth will be modestly lower in the second quarter, primarily reflecting reduced low-margin hardware sales in our North American mobile billing business,” CFO Phil Sawarynski said. “At this point, we expect the total company third-quarter revenue will be similar to second-quarter revenue, wth fourth-quarter revenue the high point for the year, assisted by $85 million in revenue from a 53rd week this year. Operating and EBITDA (earnings before interest, taxes, depreciation and amortization) margins for the year are expected to follow these same trends.”