Trimble Subscription Revenue Up 20%

Trimble third quarter revenue dropped 2 percent to $884.9 million, compared to $901.4 million in the same period of 2021. On an organic basis, revenue was up 6 percent, the company reported. Subscription revenue jumped 20 percent for the quarter, to $222.7 million from $190.3 million in Q3 2021.

“Our third quarter results simultaneously reflect the quality of the Trimble financial model and the reality of evolving macroeconomic challenges,” said Rob Painter, president/CEO, in a prepared statement. “We remain committed to executing our Connect and Scale strategy, which enhances productivity and sustainability outcomes for our customers.”

Gross margin for the quarter was 58.2 percent, up from 56.0 percent in the same period a year ago. Operating income dropped 17 percent to $122.4 million.

Annualized recurring revenue was $1.55 billion, up 13 percent from Q3 2021, and up 16 percent on an organic basis.

Trimble’s guidance for full-year 2022 is revenue between $3.665 and $3.715 billion.

Source: Trimble