Analytics and software firm Trimble forecast third-quarter revenue below Wall Street estimates on Tuesday, expecting weak demand for its products and services in a volatile economy.
High interest rates and input costs have impacted mobility and agriculture businesses, hurting the demand for hardware products and services offered by companies like Trimble.
The company forecast third-quarter revenue between $840 million and $880 million, whose mid-point is below analysts’ average estimates of $871.1 million, according to LSEG data.
It expects adjusted earnings per share (EPS) to be between 58 cents to 64 cents, compared with estimates of 63 cents.
The Westminster, Colorado-based company provides hardware and software solutions including navigation products which is used across industries including buildings and infrastructure, geospatial, resources and utilities and transportation sectors.
Revenue from the field systems segment, which primarily includes hardware businesses, fell nearly 30% compared with the previous year to $379.3 million.
However, the company reported second-quarter adjusted EPS of 62 cents, compared with analysts’ estimates of 58 cents.
The company’s revenue in the quarter stood at $870.8 million, beating analysts’ estimates of $862.5 million.
(Reporting by Priyanka.G in Bengaluru; Editing by Vijay Kishore)
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