Advanced Manufacturing and Factory Automation Company Trimble Stock Slides After Q1 Print, What's Going On?
Portfolio Pulse from Anusuya Lahiri
Trimble Inc (NASDAQ:TRMB) reported a fiscal Q1 2024 revenue growth of 4% to $953.30 million, surpassing consensus estimates. Despite a premarket gain, the stock fell after market opening. The company saw a 23% Y/Y increase in annualized recurring revenue but a 15.5% decline in product revenue. Adjusted EPS of $0.64 beat consensus, and the company reiterated its FY24 outlook, with revenue and EPS forecasts slightly below consensus. Trimble's stock is also accessible through ETFs like UFO and IVEG.
May 03, 2024 | 4:05 pm
News sentiment analysis
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NEUTRAL IMPACT
IShares Emergent Food And AgTech Multisector ETF (IVEG) includes Trimble Inc, which reported positive Q1 2024 results but provided a cautious FY24 outlook.
As IVEG includes Trimble, its Q1 2024 performance and FY24 outlook could influence the ETF. The cautious outlook may lead to a neutral short-term impact on IVEG.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Trimble Inc reported higher than expected Q1 2024 revenue and adjusted EPS, with significant growth in recurring revenue but a decline in product revenue. The company's FY24 outlook is slightly below consensus estimates.
While Trimble's Q1 2024 performance exceeded expectations, the decline in product revenue and a FY24 outlook that's slightly below consensus may temper investor enthusiasm, leading to a neutral short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Procure Space ETF (UFO) offers exposure to Trimble Inc, which reported a strong Q1 2024 but has a cautious FY24 outlook.
Given UFO's exposure to Trimble, the company's performance can influence the ETF. However, the mixed results and outlook of Trimble may lead to a neutral short-term impact on UFO.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50