Trimble confirms 2023 financial results, addresses control issues

WESTMINSTER, Colo. - Trimble (NASDAQ:TRMB), a company specializing in positioning, modeling, and data analytics technologies, has announced that its independent auditor, Ernst & Young LLP (EY), has completed additional audit procedures on the company's 2023 financial statements without necessitating any adjustments to the previously reported financial results. This confirmation comes after the filing of Trimble's amended Annual Report on Form 10-K for the year ended December 29, 2023, and its Quarterly Reports on Form 10-Q for the first three quarters of 2024 with the Securities and Exchange Commission (SEC).

This announcement is based on a press release statement from Trimble and reflects the company's current position on the matter. The company's stock has shown remarkable strength, delivering a 44.5% return over the past year. For a comprehensive analysis of Trimble's financial position and future prospects, investors can access the detailed Pro Research Report available exclusively on InvestingPro, which covers over 1,400 US stocks with expert insights and actionable intelligence. The company's stock has shown remarkable strength, delivering a 44.5% return over the past year. For a comprehensive analysis of Trimble's financial position and future prospects, investors can access the detailed Pro Research Report available exclusively on InvestingPro, which covers over 1,400 US stocks with expert insights and actionable intelligence. The company has communicated its progress in addressing these issues and expects to complete the remediation process effectively.

Phil Sawarynski, Trimble's Chief Financial Officer, stated, "EY's audit work over the past months confirmed that our financial statements are accurate, and there are no changes to our previously released 2023 or quarterly 2024 financial statements. Our commitment to accurate financial reporting and high standards of internal controls is unwavering and we appreciate the support of the entire Trimble team to get us through this audit."

The company also anticipates regaining compliance with Nasdaq Listing Rule 5250(c)(1), which mandates the timely filing of all required periodic reports with the SEC for companies listed on The Nasdaq Stock Market LLC. Compliance is expected upon the submission of these filings and the subsequent receipt of a letter from Nasdaq confirming that Trimble has met the listing rules.

This announcement is based on a press release statement from Trimble and reflects the company's current position on the matter.

In other recent news, Trimble Inc. has been the subject of several significant developments. The company has secured an extension to meet its financial reporting obligations, working closely with Ernst & Young LLP to finalize its assessment of internal controls over financial reporting. Meanwhile, Trimble's transition towards a software-centric business model has resulted in software and services now accounting for 75% of sales, up from 55% in 2019. This shift has significantly improved the company's financials, boosting gross margins from 58% to 70%.

The company has also been the focus of several analyst upgrades. Wolfe Research upgraded Trimble's stock to Outperform, while Oppenheimer, Baird, and Bernstein raised their price targets. JPMorgan also upgraded its stock rating from Neutral to Overweight. These upgrades followed Trimble's reported 14% organic growth in Annual Recurring Revenue (ARR), reaching $2.187 billion.

However, Trimble is currently under scrutiny by the Nasdaq Stock Market due to non-compliance with filing requirements. In a strategic move, Trimble plans to divest its mobility business to focus on high-growth sectors. The company's partnerships with Deere (NYSE:DE) and Caterpillar (NYSE:CAT) aim to enhance technology adoption. These are the recent developments in Trimble's operations.

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