WESTMINSTER — Industrial technology company Trimble Inc. (Nasdaq: TRMB), which moved its headquarters from California to Westminster this year, saw both its revenue and net income dip year over year in the third quarter of 2022.
The company posted sales of $884.9 million, down from 901.4 million in the third quarter of 2021.
Net income for the period was $85.8 million, a drop from $124 million during the same period last year.
“Our third quarter results simultaneously reflect the quality of the Trimble financial model and the reality of evolving macroeconomic challenges,” Trimble CEO Rob Painter said in a prepared statement. “We remain committed to executing our connect and scale strategy, which enhances productivity and sustainability outcomes for our customers.”
Trimble is projecting full year 2022 sales of between $3.67 billion and $3.7 billion.
Wall Street reacted with pessimism to Trimble’s quarterly report, with the company’s stock price tumbling to $53.65, down 10.42% on Wednesday.