Trimble revenue increases 7% in third quarter

WESTMINSTER — Trimble Inc. (Nasdaq: TRMB) reported revenue of $966.8 million in the third quarter, up 7% from the same period a year ago.

The Westminster-based technology company reported net income of $59.1 million, or 25 cents per diluted share, for the quarter. Excluding certain expenses and other items, adjusted net income totaled $200.5 million, or 86 cents per diluted share. Annualized recurring revenue totaled $2.56 billion, up 11% year-over-year. 

Operating income totaled $142 million, or 14.7% of revenue. Excluding certain expenses and other items, operating income totaled $262.6 million, or 27.2% of revenue.

“Our third quarter results surpassed expectations on both revenue and earnings per share, while delivering record annualized recurring revenue of $2.56 billion,” Trimble CEO Rob Painter said in a written statement.

Trimble, which provides technology and software for the construction, transportation and geospatial industries, repurchased about 4 million shares of its stock for $231.7 million during the quarter.

Trimble projected full-year revenue of $3.91 billion to $3.94 billion, with adjusted earnings of $3.63 to $3.69 per diluted share.

The company expects fourth-quarter revenue of $1.03 billion to $1.06 billion, with adjusted earnings of $1.13 to $1.19 per diluted share.

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