Trimble (TRMB Quick QuoteTRMB - Free Report) collaborated with Meta Platforms (META Quick QuoteMETA - Free Report) to introduce SketchUp Viewer to the latter’s mixed-reality headset lineup, Quest.

Notably, the SketchUp Viewer Virtual Reality (VR) tool is available for the Meta Quest 2, Meta Quest Pro and Meta Quest 3 devices, enabling presentation and preview of 3D SketchUp models.

Further, SketchUp Viewer for Quest allows both technical and non-technical Quest VR headset users to conduct design reviews based on experience, promoting informed decision-making and collaboration on the go, in the office, or on-site.

Additionally, the VR tool enhances communication and collaboration by enabling faster design iterations, identifying and preventing costly errors and real-time exploration of ideas.

We note that Trimble is expected to gain solid traction among interior designers, architects, engineers and construction professionals on the back of the latest launch.

This, in turn, has added strength to the company’s Buildings and Infrastructure segment offerings.

Growing Focus in Buildings and Infrastructure Segment

The latest move is in sync with Trimble’s growing efforts to strengthen its Buildings and Infrastructure segment across various end markets.

Apart from the latest launch, it introduced the Trimble Siteworks Machine Guidance Module for contractors, expanding their software capabilities from surveying and layout to on-machine excavator guidance and operator assistance.

Further, Trimble partnered with Purdue University to establish a cutting-edge Trimble Technology Lab at the School of Construction Management Technology, focusing on teaching and research in construction management technology.

Notably, the lab will showcase TRMB's top construction solutions, including the Trimble XR10 HoloLens hardhat, Trimble Business Center Infrastructure Construction edition, Tekla Structures and SketchUp 3D modeling software.

Wrapping Up

All the above-mentioned endeavors are expected to aid the Buildings and Infrastructure segment’s performance in the days ahead.

For second-quarter 2023, the Buildings and Infrastructure segment generated revenues of $410 million, which rose 7% on a year-over-year basis.

Notably, revenues in the underlined segment contributed 41.3% of total revenues.

Our model estimates 2023 Buildings and Infrastructure revenues to be $1.63 billion, indicating 9% year-over-year growth.

Strength in the underlined segment will likely contribute to its overall financial performance in the near term and instill investor optimism in the stock.

For 2023, Trimble expects total revenues in the band of $3.845-$3.925 billion.

However, macroeconomic headwinds continue to remain concerns for the company.

Notably, TRMB has gained 3.7% in the year-to-date period, underperforming the industry’s rally of 14.5%.

Zacks Rank & Stocks to Consider

Currently, Trimble carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector are Dell Technologies (DELL Quick QuoteDELL - Free Report) and Badger Meter (BMI Quick QuoteBMI - Free Report) . While Dell Technologies sports a Zacks Rank #1 (Strong Buy), Badger Meter carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Dell Technologies shares have gained 70.3% in the year-to-date period. DELL’s long-term earnings growth rate is currently projected at 12%.

Badger Meter shares have gained 42.6% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 15.05%.