Trimble’s TRMB shares have returned 6.2% year to date (YTD) compared with the Zacks Internet - Software industry’s rise of 12.3% and the broader Zacks Computer & Technology sector’s return of 19.9%.

TRMB’s shares have gained from strong performance in the buildings, infrastructure and transportation segments. The notable increase in Annual Recurring Revenue (ARR) has been a significant positive factor. 

In second-quarter 2024, recurring software services were 75% of revenues. Overall, recurring revenues were 60% of revenues. 

TRMB’s continuous efforts to expand its client base and robust portfolio are expected to drive top-line growth in 2024. It raised the mid-point of its full-year guidance by $10 million to $3.63 billion. TRMB’s earnings moved up 4 cents to $2.74 per share.

Trimble Inc. Price and Consensus

Trimble Inc. price-consensus-chart | Trimble Inc. Quote

Hence, the question that investors should mull over is — would these strong efforts help TRMB stock in continuing its momentum?

TRMB Divests Telematics Segment to Platform Science

Trimble’s efforts to expand its footprint in the global transportation industry are noteworthy. Recently, TRMB unveiled a partnership with Platform Science to drive innovation in the global transportation sector. 

As part of this deal, Platform Science will acquire Trimble's global transportation telematics business units. The company will become a shareholder in Platform Science's expanded business. 

The collaboration will integrate two advanced commercial vehicle ecosystems, enhancing driver experience, fleet safety, and efficiency. 

Trimble's customers will retain their existing solutions and gain access to Platform Science’s Virtual Vehicle platform, which offers new applications and solutions. 

Platform Science customers will also benefit from Trimble’s transportation solutions available through this platform.

Strong Portfolio Drives TRMB Stock’s Prospects

Trimble recently introduced its Trimble Reality Capture platform, designed to enhance collaboration and securely share extensive reality capture datasets from 3D laser scanning, mobile mapping and uncrewed aerial vehicle systems. This new service is available as an extension of Trimble Connect. 

Connect has now initiated more than 20 million projects since inception and had more than 6 billion API hits on the platform in the first six months of 2024.

Trimble’s Reality Capture platform offers a secure, intuitive web-based solution for handling point clouds and 360-degree imagery. It allows professionals across construction, surveying, infrastructure, utilities, energy, and mining to collaborate more effectively on complex projects, all while maintaining data integrity and accuracy.

TRMB’s new asset lifecycle management software suite, Trimble Unity, allows owners of capital projects and public infrastructure to streamline the planning, design, construction, operation and maintenance of their assets through centralized data and connected digital workflows.