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Trimble Inc. (TRMB+1.16%) has submitted its 10-Q filing for the quarterly period ended September 27, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $875.8 million from $957.3 million in the same quarter the previous year. This decrease is attributed to divestitures and lower product sales.
Subscription and services revenue increased by 11% to $568.2 million, while product revenue decreased by 31% to $307.6 million.
Gross margin for the quarter was $575.6 million, down from $590.2 million in the previous year, with a gross margin percentage increase to 65.7% from 61.7%.
Operating income for the quarter was $116.4 million, compared to $121.3 million in the previous year, with operating income as a percentage of revenue increasing to 13.3% from 12.7%.
Net income for the quarter was $40.6 million, down from $74.9 million in the previous year.
Cash provided by operating activities was $416.3 million, while cash provided by investing activities was $1,860.0 million due to proceeds from the Ag divestiture.
Trimble reported a decrease in debt to $1,800.0 million from $3,080.4 million at the end of 2023, following debt repayments.
The company continues to focus on its Connect and Scale strategy and expects to use proceeds from divestitures for stock repurchases.
Trimble identified material weaknesses in its internal controls over financial reporting, which it is actively working to remediate.
The company anticipates the pending divestiture of its Mobility business to Platform Science, Inc. to close in the first half of 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trimble Inc. quarterly 10-Q report dated January 16, 2025. To report an error, please email earnings@qz.com.