Trimble Inc. reported a total revenue of $3.68 billion for the fiscal year ending January 3, 2025, a decrease of 3% compared to $3.80 billion in the previous year. The decline was primarily driven by a significant drop in product revenue, which fell by 28% to $1.28 billion, while subscription and services revenue increased by 18% to $2.40 billion. The company's gross margin improved to 65.1%, up from 61.4% in 2023, reflecting a shift towards higher-margin software and subscription sales. Operating income also saw a modest increase of 3%, reaching $460.7 million, with diluted earnings per share soaring to $6.09, a substantial rise from $1.25 in the prior year.
The fiscal year was marked by notable strategic developments, including the divestiture of Trimble's Ag business to AGCO Corporation, which closed in April 2024 and generated $1.9 billion in cash proceeds. This transaction is expected to enhance Trimble's financial profile and increase its focus on software and services. Additionally, the company sold its Mobility business to Platform Science, resulting in a pre-tax loss of approximately $32.9 million. These divestitures align with Trimble's strategy to streamline operations and concentrate on core areas of growth.
Operationally, Trimble's annualized recurring revenue (ARR) reached $2.26 billion, reflecting a 14% year-over-year growth, driven by strong demand for subscription offerings across its segments. The company reported a total employee headcount of over 12,100, with a significant presence in North America, Europe, and Asia-Pacific. Trimble's geographic expansion continues, with products sold in over 170 countries, supported by a robust network of independent distributors and direct sales channels.
Looking ahead, Trimble's management expressed optimism about the company's future, emphasizing the importance of its Connect & Scale strategy, which aims to integrate customer workflows and enhance operational efficiency. The company plans to continue investing in research and development to drive innovation and maintain its competitive edge in the technology solutions market. However, management also acknowledged potential challenges, including macroeconomic conditions, geopolitical tensions, and the need to address identified material weaknesses in internal controls over financial reporting.
About TRIMBLE INC.
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