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Westminster, Colorado-based Trimble Inc. (TRMB) specializes in technology solutions for professionals and mobile field workers, facilitating project design, visualization, asset management, and more. With a market cap of $14 billion, Trimble operates globally, empowering industries with innovative tools for enhanced productivity and efficiency. It is expected to announce its Q2 earnings on Thursday, August 1.
Ahead of the events, analysts expect Trimble to report a profit of $0.45 per share, down 11.8% from $0.51 per share reported in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS projections over the past four quarters. Its EPS for the last reported quarter fell 13.3% annually to $0.52 but exceeded the consensus estimates by 8.3%.
Looking ahead to fiscal 2024, analysts expect Trimble to report an EPS of $2.21, marginally up from $2.20 in fiscal 2023. Its fiscal 2025 EPS is expected to grow 13.1% annually to $2.50.
TRMB stock is up 6.6% over the past 52 weeks, underperforming the S&P 500 Index’s ($SPX) 25.6% gains and the S&P 500 Technology Sector SPDR’s (XLK) 34.4% returns over the same time frame.
Shares of Trimble dipped 6.9% after the release of its Q1 earnings results on May 3. The decline wasn't due to the financial results but was instead caused by a delay in releasing the first-quarter SEC filing and an amended 2023 annual filing, both of which were delayed due to issues with financial controls.
The company reported a 4.1% revenue growth, surpassing both the top and bottom line estimates. However, its net income fell by 55.6% year over year to $57.2 million. The company saw a steep rise in non-operating income, which led to a decline in net profits despite a slight rise in gross margins.
Despite the recent downturn, the company has shown resilience and repurchased shares worth $175 million in the previous quarter, demonstrating its confidence in its valuation and commitment to shareholders.
The consensus opinion on TRMB stock is moderately bullish, with a “Moderate Buy” rating overall. Out of the 12 analysts covering the stock, seven recommend a “Strong Buy,” one advises a “Moderate Buy,” three suggest a “Hold,” and the remaining one analyst has a “Strong Sell” rating.
The average analyst price target for Trimble is $64.38, indicating a potential upside of 12.3% from the current price levels.
On the date of publication, Sristi Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
