Trimble Clocks 12% Revenue Growth In Q4; Issues FY22 Guidance

Trimble Inc TRMB reported fourth-quarter FY21 revenue growth of 12% year-on-year to $926 million, beating the consensus of $895.6 million.
Annualized recurring revenue was $1.41 billion, up 9% Y/Y.
Product revenue grew 14.6% Y/Y to $562 million. Service revenue was flat at $165.1 million. Subscription revenue rose 14.2% Y/Y to $198.9 million.
The gross margin contracted 130 bps to 55.2%.
Non-GAAP EPS of $0.62 missed the consensus of $0.63.
Trimble held $325.7 million in cash and equivalents.
"Trimble is a purpose-driven company, transforming and digitizing industries that support how we live, what we eat, how we move," said CEO Rob Painter.
Outlook: Trimble sees FY22 revenue of $3.95 billion - $4.05 billion versus the consensus of $3.96 billion and non-GAAP EPS of $2.75 - $2.95, below the consensus of $2.96.
Price Action: TRMB shares traded lower by 0.14% at $71.50 on the last check Wednesday.

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