(Adds CEO quote, analyst comments, background; updates shares)
By Abhirup Roy
May 6 Navigation software maker Trimble
Navigation Ltd's quarterly profit missed analysts'
expectations as a severe winter in North America hurt sales of
its agriculture-related products.
Trimble also forecast second-quarter adjusted profit of
38-42 cents per share, below average analysts' estimate of 45
cents per share.
The company, which makes surveying, mapping, and marine
navigation equipment and software based on global positioning
data, said it expects revenue of $605 million-$630 million.
Analysts were expecting $645.8 million.
Trimble shares fell 10 percent at $34.35 in extended trading
"In the short term, we anticipate some volatility in
agriculture," Chief Executive Steven Berglund said in a
statement on Tuesday.
Trimble's farm products include software that helps farmers
manage resources, such as water, and monitor yield.
"There is a lot of competition for connected farm solutions
from the likes of Deere and Monsanto," MKM
Partners analyst Ian Ing told Reuters.
"That's really what is weighing on the results and
Revenue in Trimble's field solutions business fell 6 percent
to $138.2 million.
Total revenue rose 8.7 percent to $604.7 million, below the
company's forecast of $610 million-$630 million.
Net income rose to $68.6 million, or 26 cents per share, in
the first quarter from $49.8 million, or 19 cents per share, a
Excluding items, the company earned 39 cents per share.
Analysts on average had expected the company to earn 42
cents per share on revenue of $618.2 million, according to
Thomson Reuters I/B/E/S.
Trimble shares had risen nearly 15 percent since its
February forecast through Tuesday's close.
(Reporting by Abhirup Roy in Bangalore; Editing by Joyjeet Das)