UPDATE 1-Trimble Navigation Q1 beats Street

Thu Apr 29, 2010 4:56pm EDT

* Q1 adj EPS $0.34 vs est $0.31

* Q1 rev up 10 pct

* Q1 rev from E&C unit up 23 pct to $157.6 mln

* Sees Q2 adj EPS $0.34-$0.36 vs est $0.36

April 29 (Reuters) - Trimble Navigation Ltd (TRMB.O) posted better-than-expected quarterly profit, helped by a 23 percent jump in revenue from its engineering and construction business, but forecast second-quarter profit that could miss estimates.

For the current second quarter, the navigations-systems maker forecast earnings of 34 cents to 36 cents a share, excluding items, on revenue of $320 million to $325 million. [ID:nASA00AJA]

"While the shape of the recovery in some economic sectors remains uncertain, our confidence is growing that we can deliver double digit revenue growth in 2010 with disproportionately higher earnings growth," CEO Steven Berglund said in a statement.

First-quarter net profit jumped 60 percent to $28.2 million, or 23 cents a share. Excluding items, the company earned 34 cents a share.

Revenue rose 10 percent to $319 million. Analysts were expecting earnings of 31 cents a share, excluding items, on revenue of about $311 million, according to Thomson Reuters I/B/E/S.

Shares of the Sunnyvale, California-based company closed at $31.79 Thursday on Nasdaq. (Reporting by Sayantani Ghosh in Bangalore; Editing by Aradhana Aravindan)