Trimble Navigation (TRMB) raised its full-year earnings guidance after reporting better-than-expected quarterly results on Wednesday, driven by its strategic bundling of navigation hardware with software for industries like construction and transportation.

The company also announced that its annual recurring revenue reached an all-time high in the third quarter.

Headquartered in Westminster, Colorado, Trimble integrates navigation devices with software solutions that collect data, perform analytics, and deliver actionable insights to streamline workflows for clients.

CEO Rob Painter stated that this strategy "continues to deliver competitive differentiation and strong growth momentum."

Trimble develops navigation solutions for geospatial, agricultural, and transportation sectors.

According to LSEG data, the company’s quarterly annual recurring revenue hit $2.31 billion, surpassing analysts’ average estimate of $2.29 billion.

Trimble now expects full-year revenue between $3.55 billion and $3.59 billion, up from its prior forecast of $3.48 billion to $3.56 billion.

Additionally, it raised its adjusted EPS guidance to $3.04–$3.12 from $2.90–$3.06.

Q3 revenue rose 3% year-over-year to $901.2 million, beating estimates of $870.3 million, while adjusted EPS of 81 cents exceeded expectations of 72 cents.

Shares edged higher in early trading.