Trimble projects annual revenue below estimates on weak demand
Feb 12 (Reuters) - Analytics and software firm Trimble forecast annual revenue below Wall Street estimates on Monday, expecting sluggish demand for its products and services in an uncertain economy.
The GPS navigation maker's shares fell more than 5% in premarket trading.
Trimble's hardware and software solutions are used across industries including agriculture, transportation, construction, and geospatial.
"The agriculture and transportation markets face macro headwinds as a result of commodity prices and overcapacity in trucking," CEO Rob Painter said in a post-earnings conference call.
Westminster, Colorado-based company expects full-year 2024 revenue to be between $3.57 billion and $3.67 billion, below analysts' average estimate of $3.83 billion, according to LSEG data.
It expects annual adjusted earnings per share in the range of $2.60 to $2.80, compared with estimates of $2.71.
The company projects first-quarter revenue between $905 million and $935 million, which is below estimates of $977.10 million.
Trimble posted fourth-quarter revenue of $932.40 million, beating analysts' average estimates of $909.50 million. (Reporting by Jaspreet Singh in Bengaluru; Editing by Vijay Kishore)
