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Trimble Navigation results miss Street as farm product sales fall
May 6, 2014 / 9:16 PM / 4 years ago

Trimble Navigation results miss Street as farm product sales fall

May 6 (Reuters) - Navigation software maker Trimble Navigation Ltd reported a quarterly profit below 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 were down 10 percent at $34.35 in extended trading.

The company’s 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 year earlier.

Excluding items, Trimble earned 39 cents per share.

Revenue rose 8.7 percent to $604.7 million. Revenue in its field solutions business fell 6 percent to $138.2 million.

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’s field solutions business makes software that helps farmers manage resources, such as water, and monitor yield. (Reporting by Abhirup Roy in Bangalore; Editing by Joyjeet Das)

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