Tuesday, Trimble Navigation Ltd. (TRMB), a provider of advanced positioning product solutions, reported a sharp decline in first quarter earnings, as revenues fell 19% year-on-year. Additionally, the company guided second quarter outlook below the Street estimate.
The Sunnyvale, California-based company's net income for the first quarter plunged to $17.5 million or $0.14 per share from $40.1 million or $0.32 per share in the year-ago period.
On an adjusted basis, net income was $33.7 million or $0.28 per share, down from $50.1 million or $0.40 per share in the comparable quarter last year. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Net income for the quarter included amortization of intangibles of $12.3 million, compared to $10.8 million a year ago and stock-based compensation expense of $4.2 million, compared to $4.0 million in the same period last year. Net income also included a $4.5 million restructuring expense, a $0.2 million inventory step-up charge and a $0.5 million charge related to acquisitions. In the year ago quarter, net income included a $0.2 million inventory step-up charge in the first quarter of 2008.
Quarterly revenue declined 19% to $289.0 million from $355.3 million in the year ago quarter and came in below the Street estimate of $296.76 million.
Engineering and Construction revenue fell 34% to $127.7 million, while Field Solutions revenue rose 13% to $99.2 million. Mobile Solutions revenue was $38.3 million, down approximately 13%. Advanced Devices revenue declined to $23.9 million, down 18% from the comparable period last year.
Looking ahead, for the second quarter, Trimble expects revenue in the range of $300 million plus or minus 5%. Earnings are expected to be $0.21 per share and non-GAAP earnings are expected to be $0.32 per share. Analysts currently expect the company to earn $0.35 per share on revenue of $320.33 million for the quarter.
TRMB closed Tuesday's regular trading at $18.94, or $1.04 or 5.21% on a volume of about 2.39 million shares.
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