WESTMINSTER — Industrial technology company Trimble Inc. (Nasdaq: TRMB) saw its top line improve year-over-year in the first quarter of 2024, but its bottom line took a hit.

While Trimble posted first-quarter 2024 revenue of $953.3 million, up 4% on a year-over-year basis, the company’s net income fell from $128.8 million in the first quarter of 2023 to $57.2 million in the most-recent period.

“We had a strong start to the year, delivering record annualized recurring revenue of $2.03 billion and record first quarter gross margin. And on April 1, we closed our agriculture joint venture with Agco,” Trimble CEO Rob Painter said in a prepared statement. “With our new reporting segment and organization structure in place, we have further simplified and focused the Company to enable our customers to transform how they work, while creating value for our shareholders.”

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For the full-year 2024, Trimble expects to report revenue between $3.57 billion and $3.67 billion.