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GPS navigation maker Trimble forecasts downbeat quarterly revenue on weak demand
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GPS navigation maker Trimble forecasts downbeat quarterly revenue on weak demand
Aug 6, 2024 5:09 AM

Aug 6 - Analytics and software firm Trimble

forecast third-quarter revenue below Wall Street estimates on

Tuesday, expecting weak demand for its products and services in

a volatile economy.

High interest rates and input costs have impacted mobility

and agriculture businesses, hurting the demand for hardware

products and services offered by companies like Trimble.

The company forecast third-quarter revenue between $840

million and $880 million, whose mid-point is below analysts'

average estimates of $871.1 million, according to LSEG data.

It expects adjusted earnings per share (EPS) to be between

58 cents to 64 cents, compared with estimates of 63 cents.

The Westminster, Colorado-based company provides hardware

and software solutions including navigation products which is

used across industries including buildings and infrastructure,

geospatial, resources and utilities and transportation sectors.

Revenue from the field systems segment, which primarily

includes hardware businesses, fell nearly 30% compared with the

previous year to $379.3 million.

However, the company reported second-quarter adjusted EPS of

62 cents, compared with analysts' estimates of 58 cents.

The company's revenue in the quarter stood at $870.8

million, beating analysts' estimates of $862.5 million.

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