Trimble cuts FY23 EPS view to $2.52-$2.72 from $2.66-$2.86

Consensus $2.73. Raises FY23 revenue view to $3.84B-$3.94B from $3.7B-$3.8B, consensus $3.77B. The company said, "For the full-year 2023, Trimble now expects to report revenue between $3,835 million and $3,935 million and non-GAAP EPS of $2.52 to $2.72. The full-year 2023 non-GAAP EPS assumes a tax rate of 17.5 percent to 18.0 percent, and approximately 250 million shares outstanding. For the second quarter of 2023, Trimble expects to report revenue between $962 million and $992 million and non-GAAP EPS of $0.55 to $0.61. The second quarter of 2023 non-GAAP EPS assumes a tax rate of 17.5 percent, and approximately 249 million shares outstanding. Trimble is unable to provide a quantitative reconciliation of these measures to GAAP with a reasonable degree of accuracy because Trimble has not estimated the fair value of the assets and liabilities, including intangible assets and related amortization expense, associated with the Transporeon acquisition. An explanation of how we calculate non-GAAP EPS and other information relating to this non-GAAP measure is included in the supplemental schedule attached."