Trimble’s Q1 2023 results show growth in subscription-based revenue

Trimble has announced total revenue of US$915 million for the first quarter of 2023, a decrease of 8% from the same quarter last year, although sales for subscription-based services was up.

For the first quarter of the year sales for subscription and services was US$481 million, up from US$426 million from the previous quarter. Sales for products was down from US$566 million to US$434 million.

Regarding different product segments, building and infrastructure had sales of US$399 million, geospatial US$152 million, resources and utilities of US$208 million while the revenue for transportation was US$154 million.

“Record annualized recurring revenue of $1.65 billion and record gross margin of 64.2 percent in the first quarter demonstrates the quality of our Connect and Scale strategy,” said Rob Painter, Trimble’s president and chief executive officer. “Our first quarter total revenue and profitability exceeded expectations that we communicated to shareholders in February. We are updating 2023 guidance to reflect the Transporeon acquisition, which closed on April 3, 2023.”

For the full-year 2023, Trimble now expects to report revenue between US$3.83 billion-US$3.93 billion.

Read an exclusive interview with Rob Painter, CEO of Trimble.