10:42 AM EST, 12/10/2024 (MT Newswires) -- Trimble (TRMB) said it expects to restart its share buyback program "as soon as practicable" as its management and independent auditor, Ernst & Young, near the completion of an evaluation of the company's internal controls over financial reporting.

The company said in a regulatory filing Monday its "management has not identified any errors that would result in a restatement to the consolidated financial statements for the periods presented in the 2023 10-K, or for any previously released financial results."

Trimble said it intends to submit its amended Form 10-K for the fiscal year ended December 29, 2023, along with its quarterly reports for Q1, Q2, and Q3 of 2024, to the Securities and Exchange Commission within approximately two weeks.

Upon completing these filings and receiving confirmation from Nasdaq, the company expects to regain compliance with the Nasdaq listing rule, which mandates the timely filing of periodic reports.

The company added that the material weaknesses in its internal controls remain unchanged from those outlined in previous disclosures, including its Form 8-K filed on Sept. 27 and Form 12b-25 filed on Aug. 7. However, no changes are anticipated to the financial statements already reported.

With the assessment nearly finalized, Trimble aims to promptly restart its share buyback program.

Price: 74.72, Change: +0.11, Percent Change: +0.15