Navigation equipment maker Trimble raises annual forecasts

(Reuters) -Trimble raised its annual revenue and profit forecasts on Wednesday, betting on growing demand for its integrated hardware and software solutions from industries such as construction, transportation and geospatial.

The navigation equipment maker said bundling its solutions in prepackaged product suites has helped improve its sales.

Trimble also helps customers by analyzing technical drawings or blueprints with the help of artificial intelligence tools.

"Looking beyond the next couple of years, we are optimistic about what an AI forward future will mean to Trimble," said CEO Rob Painter.

Shares of the company were up about 1% in morning trading. They have risen about 17% so far this year.

Trimble now expects annual revenue to be between $3.48 billion and $3.56 billion, compared with its prior projection of $3.37 billion to $3.47 billion.

The company also forecast its annual adjusted profit per share of $2.90 to $3.06, up from $2.76 to $2.98 previously.

Trimble posted a surprise increase of 1% in second-quarter revenue to $875.7 million, compared with analysts' average estimate of $834.3 million, according to data compiled by LSEG.

Its adjusted profit came in at 71 cents per share, above analysts' average estimate of 63 cents.

(Reporting by Jaspreet Singh in Bengaluru)

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