☰
The company has assured investors that its financial results remain unchanged from the figures released in its fourth-quarter earnings report.
Trimble (TRMB) shares declined more than 2% in afternoon trading Wednesday, extending its losses for a second straight session after receiving a non-compliance notice from Nasdaq.
The company disclosed that it was notified by the Listing Qualifications Staff of The Nasdaq Stock Market on March 20 regarding its failure to file its Annual Report on Form 10-K for the fiscal year that ended on Jan. 3, 2025.
Trimble has been given 60 days to submit a plan to regain compliance, with the possibility of an extension up to 180 days if accepted by Nasdaq.
During its earnings call in February, the company stated that the delay was tied to its recent filings of an amended Form 10-K for fiscal year 2023 and quarterly reports on Form 10-Q for the first three quarters of 2024 after an independent audit by Ernst & Young (EY).
The amended report identified deficiencies in internal controls, particularly concerning information technology general controls and the accuracy of data transfers between systems.
It assured investors that its financial results remain unchanged from the figures released in its fourth-quarter (Q4) earnings report.
Trimble expressed its intention to file the 2024 Form 10-K as soon as practicable and to take necessary steps to regain compliance with Nasdaq’s listing rules.
However, the company cautioned that the actual timing of the filing and completion of the audit could differ from current expectations due to various risks and uncertainties.
On Stocktwits, retail sentiment around Trimble’s stock sank to ‘extremely bearish’ (12/100) levels from ‘neutral’ a day ago, marking a year low.
Trimble reported a revenue increase of 5% year-over-year for Q4, reaching $983 million, which exceeded expectations.
However, the company’s guidance for the fiscal year 2025 anticipates a slight revenue decline between 6% and 9%, with organic growth projected between 2% and 5%. Operating margins are expected to improve, and non-GAAP EPS guidance is set between $2.76 and $2.98.
Trimble’s stock is down around 2.6% in 2025, with gains of 8.8% over the past year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Read also: Qualcomm Reportedly Takes Antitrust Battle Against Arm To Regulators in US, Europe, Korea – Stocks Dip, Retail Traders Skeptical
subscribe to Asianet Newsable WhatsApp channel by clicking here.