Trimble Inc. today announced financial results for the third quarter of 2023.

Third Quarter 2023 Financial Highlights

• Revenue of $957.3 million, up 8% on a year-over-year basis, up 2% year-over-year on an organic basis
• Annualized recurring revenue ("ARR") was $1.94 billion, up 25% year-over-year, up 13% on an organic basis
• GAAP operating income was $121.3 million and non-GAAP operating income was $251 million
• GAAP net income was $74.9 million and non-GAAP net income was $170.2 million
• Adjusted EBITDA of $268.2 million, 28% of revenue

Executive Quote

"Record annualized recurring revenue of $1.94 billion and record gross margin of 65% in this third quarter demonstrate progression of the Connect & Scale strategy," said Rob Painter, Trimble's president and chief executive officer. "In an increasingly difficult macroeconomic environment, we continue to simplify and focus our business to execute to our full potential."

Forward Looking Guidance

For the full-year 2023, Trimble now expects to report revenue between $3,757 million and $3,797 million.

For the fourth quarter of 2023, Trimble expects to report revenue between $890 million and $930 million.

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