Trimble Inc.’s third-quarter total revenue of more than $901 million and adjusted earnings per share of 66 cents beat analyst expectations.
Wall Street analysts had forecast EPS of 59 cents per share and revenue of $877.5 million for the quarter. During the third quarter of 2020, Trimble reported EPS of 34 cents and $792.8 million in revenue.
CEO Robert Painter said Wednesday during an earnings call that the company is “raising our annual earnings guidance despite a tightening supply chain environment.”
“The overall landscape remains robust,” Painter said. “We remain optimistic that the infrastructure bill will ultimately be passed in the United States, which would bolster our long-term outlook in our construction and surveying businesses starting at some point in 2023.”
Trimble now expects full-year earnings in the range of $2.61 to $2.69 per share, with revenue in the range of $3.5 billion to $3.6 billion.
|Trimble Inc.||Q3/21||Q3/20||Y/Y Gross Change||Y/Y % Change|
|Total Revenue (in millions)||$901.4||$792.1||$109.3||14%|
“Demand across our end markets remains strong and we believe that strength will sustain at least through the end of 2022,” said David Barnes, chief financial officer. “Our customers’ need for digital solutions to optimize their workflows has never been stronger.”
Third-quarter revenue for Trimble’s transportation division came in at $161.5 million, up from $158.9 million during the same period last year.
“Transportation showed progression in a number of areas,” Barnes said. “Revenue was up 3% on an organic basis year-over-year but grew less than we expected due to supply chain challenges both in our operations and our customers’ businesses.”
Barnes said the outlook for the transportation segment is optimistic.
“The leading indicators for this business are strong, with growing bookings and recurring solutions sequentially improving customer retention in our mobility business, and increasing signs that [Trimble’s] connected transportation strategy is resonating with customers,” Barnes said.
Trimble also reported third-quarter net income of $124 million, up 46% compared to the third quarter of 2020.
North America was Trimble’s largest market by revenue during the third quarter, at $462 million, up 11% compared with the previous year. Europe was the second-largest market at $264 million, an 18% increase compared to 2020.
The Asia-Pacific region brought in $111 million, a 5% year-over-year increase in revenue.
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