WESTMINSTER, CO - Trimble Inc. (NASDAQ:TRMB), a company specializing in measuring and controlling devices, has announced the adjournment of its 2024 annual meeting of stockholders. Initially convened on May 30, 2024, and subsequently adjourned, the meeting was reconvened on August 14, 2024, for the sole purpose of further adjournment.
During the reconvened session, stockholders voted unanimously in favor of postponing the meeting again. The new date for the 2024 Annual Meeting is set for September 30, 2024, at 10:00 a.m. Mountain time. It will be held exclusively via remote communication.
The record date for stockholder eligibility to vote at the Annual Meeting remains April 1, 2024. Stockholders who have already voted do not need to take any further action unless they wish to change their vote. Those desiring to modify their vote can do so by internet or phone until the specified deadlines before the reconvened meeting.
This decision was made in compliance with the rules and regulations of the United States Securities and Exchange Commission and was officially filed on August 15, 2024. The company, headquartered in Westminster, Colorado, has reassured stockholders that proxies previously submitted will be valid for the new meeting date unless properly revoked.
Trimble Inc. is incorporated in Delaware and has been a key player in its industry, classified under the Standard Industrial Classification code 3829. The company's fiscal year-end is January 3, and it is identified by the IRS Employer Identification Number 94-2802192.
In a separate development, Trimble reported its second-quarter financial results, highlighting a 14% increase in Annual Recurring Revenue (ARR) to $2.11 billion and a 1% rise in revenue. The company also recorded gross margins of 66.5% and an expanded EBITDA margin of 24.6%. Based on this strong performance, Trimble is raising its guidance for the year.
Trimble's focus on AI solutions and industry scale, along with strategic initiatives such as tuck-in acquisitions, are expected to drive ARR, revenue growth, and margin expansion.
InvestingPro Insights
In light of Trimble Inc.'s (NASDAQ:TRMB) recent adjournment of its annual meeting, investors may find it useful to consider the latest financial metrics and analyst insights from InvestingPro. Trimble's market capitalization stands at a robust $12.98 billion, reflecting its significant presence in the industry. Despite a challenging environment, the company has maintained a low price volatility, which can be appealing for investors looking for stability in their portfolio. Moreover, Trimble's P/E ratio is currently at 8.68, suggesting that the stock could be undervalued compared to earnings.
Additionally, Trimble operates with a moderate level of debt, which can be a sign of prudent financial management. Analysts have also predicted that the company will remain profitable this year, supported by a gross profit margin of 65.19% over the last twelve months as of Q2 2024. This profitability is critical for shareholders, especially considering that Trimble does not pay a dividend, thus relying on stock performance for shareholder returns.
For those seeking further insights, there are more InvestingPro Tips available, offering a comprehensive analysis of Trimble's financial health and future outlook. With these considerations in mind, stakeholders can better assess the company's position as they await the rescheduled annual meeting.
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