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Trimble announced that it received a deficiency notification from Nasdaq due to its delayed filing of the Quarterly Report on Form 10-Q for the period ending March 29, 2024. This delay was previously disclosed in their SEC filings on May 8 and May 3, 2024. The Nasdaq notice has no immediate impact on Trimble's stock listing. Trimble has 60 days to submit a plan to regain compliance, potentially extending up to November 11, 2024. The company is committed to resolving the issues and filing the report promptly.
Trimble (NASDAQ: TRMB) announced winners of its first Trimble Infinity Awards at the Trimble Innovate 2024 User Conference in Cleveland, Ohio, recognizing 18 organizations for excellence in capital program and infrastructure asset lifecycle management. The City of Raleigh, North Carolina, received the top honor for saving millions annually via Trimble's digital solutions. Awards were categorized into Excellence, Growth, and Trailblazer, highlighting diverse strengths in digital transformation. The event saw nearly 1,400 attendees, including Trimble customers and industry leaders, exploring strategies for efficient asset management.
Trimble (NASDAQ: TRMB) has opened registration for its 2024 Insight Tech Conference, scheduled for September 15-17 at The Venetian Resort in Las Vegas. This annual event, now in its seventh year, will gather over 1,500 transportation industry leaders to explore innovation, networking, and collaboration opportunities. The conference features more than 200 educational sessions, including the executive-focused Leadership Series, covering topics from AI to cybersecurity and driver retention. Mike Abrashoff, former US Navy Commander of the USS Benfold, will deliver the keynote address. The Insight Pavilion will offer new interactive educational opportunities within the exhibitor space. The conference is one of the largest gatherings in the transportation industry, open to anyone interested in transportation trends, technology, and innovation.
Trimble announced the acquisition of Flashtract to enhance subcontractor management capabilities through Trimble Pay, a technology to streamline payment and compliance processes in the construction industry. The technology will be integrated with Trimble Viewpoint Vista ERP solution and showcased at the CFMA National Conference in May 2024.
Trimble announced the 2024 B2W Customer Innovation Award winners, including Bituminous Roadways, Gulf Operators, and Sherwood Companies, for achieving ROI and performance improvements using B2W Software. The awards recognize contractors for their use of individual B2W applications and the unified B2W platform, with benefits including operational efficiencies, streamlined data transfer, and enhanced data collection and reporting.
Trimble Inc. (NASDAQ: TRMB) reported strong first quarter 2024 results with record annualized recurring revenue of $2.03 billion, up 23% year-over-year. GAAP gross margin was 62.3% and non-GAAP gross margin was 65.8%. GAAP operating income was $109.2 million, non-GAAP operating income was $234.4 million. Adjusted EBITDA stood at $250.9 million. Revenue was $953.3 million, up 4% year-over-year. Diluted EPS was $0.23 on a GAAP basis and $0.64 on a non-GAAP basis. Share repurchases amounted to $175.0 million.
Transporeon, a Trimble Company, has released the '2024 Green Freight Report: Is Transportation on Track?' which details the decarbonization efforts and priorities in the road freight sector as well as business opportunities for shippers and carriers. Modal shift, load and routing optimization, and carrier optimization were top choices in driving freight decarbonization in 2023 according to report. The findings also revealed a lack of a coherent decarbonization strategy among many respondents, with issues such as the lack of collaboration and insufficient data methodologies posing as major challenges. On the positive side, the report shows that sustainability, particularly with decarbonization efforts, presents significant business opportunities for both shippers and carriers.
