GPS navigation maker Trimble posts results beat, raises annual forecast

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-Trimble on Tuesday beat second-quarter results estimates and raised its annual forecast, on strong demand for its subscription plans and software solutions, sending its shares up 2.5%.

The Westminster, Colorado-based company saw a rise in number of customers opting for its software solution which caters to the construction industry, which helped drive up revenue this quarter, CEO Robert Painter said in the post-earnings call.

Revenue from the company's subscription and services segment saw a rise of 9% to $550.4 million, which helped the company to post a total revenue of $870.8 million.

Analysts had expected revenue of $862.5 million, according to LSEG data.

Trimble reported second-quarter adjusted EPS of 62 cents, compared with analysts' estimates of 58 cents.

The company raised the lower end of the annual revenue forecast and now expects it to be between $3.59 billion and $3.67 billion from the earlier $3.57 billion and $3.67 billion.

It also raised the annual profit forecast and now expects it to be between $2.67 and $2.81 per share.

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 to be between 58 cents and 64 cents, compared with estimates of 63 cents.

Trimble products are used in various industries including buildings and infrastructure, geospatial, resources and utilities and transportation sectors.

(Reporting by Priyanka.G in Bengaluru; Editing by Vijay Kishore)

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