What is driving Trimble Inc (NASDAQ: TRMB) stock

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Trimble Inc (NASDAQ: TRMB) stock rose over 0.004% in the pre-market session of Feb 13th, 2020 (Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. Non-GAAP operating income was up 4 percent to $178.2 million as compared to the fourth quarter of 2018. The company posted the Non-GAAP operating margin of 21.6 percent of revenue as compared to 21.7 percent of revenue in the fourth quarter of 2018. The company reported the Non-GAAP net income of $134.1 million, which is up 10 percent as compared to the fourth quarter of 2018. The company generated the free cash flow of $108 million for the quarter and $516 million for the year, each of them were up 23% year-over-year.

TRMB in the fourth quarter of FY 19 has reported the adjusted earnings per share of 53 cents, beating the analysts’ estimates for the adjusted earnings per share of 47 cents. The company had reported the adjusted revenue growth of 4 percent to $824 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue by 4.89%. For the quarter, Buildings and Infrastructure segment revenue was $313.8 million, which is an increase of 9 percent. Geospatial revenue was $168.7 million, which is a decrease of 6 percent. Resources and Utilities revenue was $138.1 million, which is an increase of 6 percent. Transportation revenue was $206.1 million, which is an increase of 5 percent.

Additionally, during fiscal 2019, TRMB repurchased approximately 4.7 million shares for $180 million and approximately $172 million remains under the current share repurchase authorization as of the end of the fourth quarter.

For the first quarter of 2020, Trimble expects non-GAAP revenue to be in the range of $780 million and $810 million, and non-GAAP earnings per share is expected to be in the range of $0.40 to $0.45. The non-GAAP guidance assumes a tax rate to be in the range of 17 to 18 percent. The first quarter revenue range assumes total company growth of minus 3% to plus 1%, with organic growth in the minus 4% to flat range

The company ended the year with $1.13 billion in annual recurring revenue. The company also has strong broad-based momentum in the Buildings and Infrastructure segment and the company expects a positive year for the Geospatial segment, which was affected in 2019 by OEM and China-related weakness and which will benefit in 2020 from new product introductions.

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