Boston, MA 05/08/2014 (wallstreetpr) – Trimble Navigation Limited (NASDAQ:TRMB), the navigation software maker, nosedived on Wednesday as the company reported the quarter results below the market expectations. The main culprit behind the poor results was the severe weather in North America. It had dampened the sales of the agriculture related products of the company.
The forecast for second quarter
Along with it, Trimble lowered down its forecast for the second quarter at adjusted profit of 38-42 cents per share. It was again much below the analysts’ estimates of 45 cents per share. The company expects the revenue for the second quarter to come at $605 million to $630 million. It is much lower than the analysts’ expectations. They expected the forecast to be around $645.8 million.
The first quarter performance
Trimble Navigation Limited (NASDAQ:TRMB), reported the net income at $68.6 million as compared to the $49.8 million at the same period last year. It comes to 26 cents per share for the quarter. It is better than the first quarter of last year. The quarter’s earnings, excluding items, came at 39 cents per share. The company reported revenue of $604.7 million. It showed a rise of 8.7%. It was lower than the analyst estimates of 42 cents per share. However, there was a fall of 6% in its revenue from the field operations. Revenue from field operations came at $138.2 million.
The field solution is concerned with the software that assists the farmers to manage resources and helps in monitor yield. Trimble is involved in the work of the manufacturing mapping and surveying marine navigation equipment.
The management view’s on the performance
The management stated that the underperformance was due to the North American agriculture business, and rest of the segment shows good double digit revenue growth. The long term growth potential of Trimble Navigation Limited (NASDAQ:TRMB) stays intact. The lower forecast for the next quarter is in line with the volatility in the agriculture business.
