Trimble cuts growth outlook as European freight market slows
Trimble lowered its full-year recurring revenue growth forecast as softer European freight conditions pressured its transportation business.
Trimble reported higher third-quarter revenue and earnings Wednesday, but lowered its full-year recurring revenue growth forecast as weakness in European freight markets and slower demand for positioning services weighed on its outlook.
The Westminster, Colorado-based technology company (NASDAQ: TRMB) reported third-quarter revenue of $967 million, up 7% year over year, while adjusted earnings per share reached 86 cents.
The results met Wall Street expectations, with the average estimate of four analysts surveyed by Zacks Investment Research was for revenue of $965.9 million and earnings of 86 cents per share, according to the Associated Press.
Annual recurring revenue (ARR) increased 10% to a record $2.564 billion, although growth fell modestly below management’s expectations.
This story was originally published by FreightWaves. Read the full story at FreightWaves →
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