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Trimble (TRMB) Bolsters Agriculture Efforts With API Expansion
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Trimble (TRMB - Free Report) launched a flexible API (Application Programming Interface) for Trimble Agriculture Cloud in a bid to expand its Resource and Utilities segment.
Notably, the new API represents an important step for the company in the evolution of agricultural connectivity. It integrates field devices and operational workflows with centralizing data necessary to comply with compliance and regulatory requirements.
Further, the API aids in farm setup, task records and recommendations, materials, vehicle setups, harvest and crop zones activities. Further, the new API offers access to a majority of farm applications like Trimble Ag Software, Trimble Ag Mobile, and the Precision IQ field application.
We note that the company strives to deliver enhanced experience in streamlining and managing farm workflows with its latest move.
The availability of the new API not only ensures compatibility among Trimble’s own applications but also enables third-party integrators to connect to the Trimble platform.
The latest move bodes well for the company’s growing efforts toward strengthening its Resource and Utilities offerings.
Apart from the introduction of the latest API, Trimble recently launched a new cloud-based log inventory and management system for forestry.
Further, the company’s range of agriculture displays for precision-specific applications remains noteworthy.
We believe expanding offerings are expected to aid the performance of the Resource and Utilities segment in the days ahead.
In second-quarter 2023, the segment generated revenues of $196 million, which accounted for 19.7% of the total revenues.
However, the figure was down 9% year over year due to declining sales in the aftermarket channel, owing to weakening farmer sentiments.
Conclusion
We note that expanding Resource and Utilities offerings are strengthening the overall portfolio of the company. This will likely aid Trimble in solidifying its presence in various end markets.
This, in turn, will likely contribute to its financial performance in the near term, which is expected to instill investor optimism in the stock.
For 2023, Trimble expects revenues between $3.845 billion and $3.925 billion, with full-year organic growth of 2-5%. The consensus mark for the same is pegged at $3.87 billion, indicating growth of 5.2% from 2022.
Notably, Trimble has gained 7.6% on a year-to-date basis.
Zacks Rank and Stocks to Consider
Currently, Trimble carries a Zacks Rank #3 (Hold).
Image: Bigstock
Trimble (TRMB) Bolsters Agriculture Efforts With API Expansion
Trimble (TRMB - Free Report) launched a flexible API (Application Programming Interface) for Trimble Agriculture Cloud in a bid to expand its Resource and Utilities segment.
Notably, the new API represents an important step for the company in the evolution of agricultural connectivity. It integrates field devices and operational workflows with centralizing data necessary to comply with compliance and regulatory requirements.
Further, the API aids in farm setup, task records and recommendations, materials, vehicle setups, harvest and crop zones activities. Further, the new API offers access to a majority of farm applications like Trimble Ag Software, Trimble Ag Mobile, and the Precision IQ field application.
We note that the company strives to deliver enhanced experience in streamlining and managing farm workflows with its latest move.
The availability of the new API not only ensures compatibility among Trimble’s own applications but also enables third-party integrators to connect to the Trimble platform.
Trimble Inc. Price and Consensus
Trimble Inc. price-consensus-chart | Trimble Inc. Quote
Resource and Utilities Segment in Detail
The latest move bodes well for the company’s growing efforts toward strengthening its Resource and Utilities offerings.
Apart from the introduction of the latest API, Trimble recently launched a new cloud-based log inventory and management system for forestry.
Further, the company’s range of agriculture displays for precision-specific applications remains noteworthy.
We believe expanding offerings are expected to aid the performance of the Resource and Utilities segment in the days ahead.
In second-quarter 2023, the segment generated revenues of $196 million, which accounted for 19.7% of the total revenues.
However, the figure was down 9% year over year due to declining sales in the aftermarket channel, owing to weakening farmer sentiments.
Conclusion
We note that expanding Resource and Utilities offerings are strengthening the overall portfolio of the company. This will likely aid Trimble in solidifying its presence in various end markets.
This, in turn, will likely contribute to its financial performance in the near term, which is expected to instill investor optimism in the stock.
For 2023, Trimble expects revenues between $3.845 billion and $3.925 billion, with full-year organic growth of 2-5%. The consensus mark for the same is pegged at $3.87 billion, indicating growth of 5.2% from 2022.
Notably, Trimble has gained 7.6% on a year-to-date basis.
Zacks Rank and Stocks to Consider
Currently, Trimble carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Badger Meter (BMI - Free Report) , Arista Networks (ANET - Free Report) and Salesforce (CRM - Free Report) . While Badger Meter sports a Zacks Rank #1 (Strong Buy), Arista Networks and Salesforce carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Badger Meter shares have gained 48.6% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 15.05%.
Arista Networks shares have gained 46.2% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75%
Salesforce shares have gained 55.3% in the year-to-date period. CRM’s long-term earnings growth rate is currently projected at 19.25%.