Despite an ongoing freight recession, Trimble Inc.’s transportation and logistics segment performed well during the third quarter, growing revenue 1.4% year over year to $195 million.
“Transportation and logistics beat our top- and bottom-line expectations,” President and CEO Rob Painter said during a call with analysts before the market opened on Wednesday. “Transportation delivered double-digit annual recurring revenue growth. … While the freight recession persists, the transportation team delivered a record level of third-quarter bookings, which was also the second-largest in the history of the business in a dynamic macro-environment.”
Trimble (NASDAQ: TRMB) is a provider of technology solutions for trucking companies, freight brokerages and 3PLs. The company also operates in industries such as buildings and infrastructure, geospatial hardware and software, and resources and utilities.
For the fourth quarter, Trimble expects to report revenue between $925 million and $965 million and adjusted earnings per share of 83 cents to 91 cents. For the full year, the company expects revenue between $3.62 billion and $3.66 billion and adjusted EPS of $2.79 to $2.87.