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Trimble (TRMB) Boosts UAV Innovation With New Partnership
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Trimble (TRMB - Free Report) recently announced its collaboration with the Indian Institute of Technology in Kanpur (IIT Kanpur), aimed at supporting an innovative program in uncrewed aerial vehicles (UAVs) within the Department of Aerospace Engineering.
Under the terms of the partnership, Trimble will provide advanced direct georeferencing (DG) products customized for UAV surveys to IIT Kanpur's Department of Aerospace Engineering.
Trimble’s initiative involves not only the provision of advanced hardware and software, such as a suite of Applanix board sets and associated processing software but also extends to comprehensive training and support for the university's UAV engineering team.
The partnership is positioned to empower India and is projected to become the fastest-growing UAV market by 2025 by fostering local expertise in UAV georeferencing. Through this collaboration, IIT Kanpur aims to cultivate best practices and equip future generations with the knowledge and skills required to navigate and innovate within the dynamic landscape of UAV technology.
Trimble is focused on expanding its customer base across the globe. The latest deal with IIT Kanpur bodes well for the company’s growing efforts to strengthen its footprint in the global UAV market.
Per a Mordor Intelligence report, the global uncrewed aerial vehicle market is expected to hit $15.22 billion in 2023 and reach $28.97 billion by 2028, witnessing a CAGR of 13.74% between 2023 and 2028.
Strong momentum in the promising UAV market will likely inspire investor optimism in the stock. However, macroeconomic headwinds continue to remain a concern.
Trimble's recent initiative to broaden its product portfolio aligns with its commitment to diverse market needs and an expanding clientele.
In September, Trimble launched Appian Daily Planner, a cloud-based solution for optimizing multi-stop and multi-vehicle routes, providing fleet owners with enhanced capabilities like robust decision-making, lower fuel consumption and dynamic asset visibility.
TRMB’s collaboration with Microsoft’s (MSFT - Free Report) cloud business Azure and Ferguson plc (FERG - Free Report) is expected to boost top-line growth.
Trimble integrates Azure AI Document Intelligence for Automatic Invoicing in Viewpoint Spectrum and Viewpoint Vista construction ERP software, streamlining invoice processing and improving accuracy.
Trimble and Ferguson boost construction supply chain efficiency by integrating Ferguson into Trimble Supplier Xchange, offering seamless digital connections, advanced pricing and streamlined procurement for mutual customers.
Trimble's commitment to diversifying its portfolio, enhancing technological capabilities through collaborations and optimizing construction operations is expected to influence its financial performance.
For fourth-quarter 2023, Trimble expects revenues between $890 million and $930 million. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $911.4 million, suggesting 6.41% year-over-year growth. The consensus mark for earnings is pegged at $1.16 per share.
Image: Bigstock
Trimble (TRMB) Boosts UAV Innovation With New Partnership
Trimble (TRMB - Free Report) recently announced its collaboration with the Indian Institute of Technology in Kanpur (IIT Kanpur), aimed at supporting an innovative program in uncrewed aerial vehicles (UAVs) within the Department of Aerospace Engineering.
Under the terms of the partnership, Trimble will provide advanced direct georeferencing (DG) products customized for UAV surveys to IIT Kanpur's Department of Aerospace Engineering.
Trimble’s initiative involves not only the provision of advanced hardware and software, such as a suite of Applanix board sets and associated processing software but also extends to comprehensive training and support for the university's UAV engineering team.
The partnership is positioned to empower India and is projected to become the fastest-growing UAV market by 2025 by fostering local expertise in UAV georeferencing. Through this collaboration, IIT Kanpur aims to cultivate best practices and equip future generations with the knowledge and skills required to navigate and innovate within the dynamic landscape of UAV technology.
Trimble Inc. Price and Consensus
Trimble Inc. price-consensus-chart | Trimble Inc. Quote
Trimble’s Growth Prospects Remain Strong
Trimble is focused on expanding its customer base across the globe. The latest deal with IIT Kanpur bodes well for the company’s growing efforts to strengthen its footprint in the global UAV market.
Per a Mordor Intelligence report, the global uncrewed aerial vehicle market is expected to hit $15.22 billion in 2023 and reach $28.97 billion by 2028, witnessing a CAGR of 13.74% between 2023 and 2028.
Strong momentum in the promising UAV market will likely inspire investor optimism in the stock. However, macroeconomic headwinds continue to remain a concern.
Notably, TRMB has lost 9.2% in the year-to-date period against the Computer & Technology sector’s rise of 46%.
Expanding Portfolio to Drive Growth
Trimble's recent initiative to broaden its product portfolio aligns with its commitment to diverse market needs and an expanding clientele.
In September, Trimble launched Appian Daily Planner, a cloud-based solution for optimizing multi-stop and multi-vehicle routes, providing fleet owners with enhanced capabilities like robust decision-making, lower fuel consumption and dynamic asset visibility.
TRMB’s collaboration with Microsoft’s (MSFT - Free Report) cloud business Azure and Ferguson plc (FERG - Free Report) is expected to boost top-line growth.
Trimble integrates Azure AI Document Intelligence for Automatic Invoicing in Viewpoint Spectrum and Viewpoint Vista construction ERP software, streamlining invoice processing and improving accuracy.
Trimble and Ferguson boost construction supply chain efficiency by integrating Ferguson into Trimble Supplier Xchange, offering seamless digital connections, advanced pricing and streamlined procurement for mutual customers.
Trimble's commitment to diversifying its portfolio, enhancing technological capabilities through collaborations and optimizing construction operations is expected to influence its financial performance.
For fourth-quarter 2023, Trimble expects revenues between $890 million and $930 million. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $911.4 million, suggesting 6.41% year-over-year growth. The consensus mark for earnings is pegged at $1.16 per share.
Zacks Rank & Stocks to Consider
Currently, TRMB carries a Zacks Rank #3 (Hold).
A better-ranked stock in the broader technology sector is NVIDIA (NVDA - Free Report) , which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
NVDA’s shares have returned 229.4% on a year-to-date basis.
Long-term earnings growth rates for NVIDIA are pegged at 13.5%.