Trimble posts lower 2nd-quarter profit on charges but adjusted earnings beat expectations

Trimble posts lower 2Q profit on charges

SUNNYVALE, Calif. — Trimble Navigation Ltd., which makes global-positioning systems, said Tuesday its second-quarter net income declined sharply, weighed by a hefty tax charge.

For the three months ended July 2, the company earned $6.4 million, or 5 cents per share, down from a profit of $20.9 million, or 17 cents per share, in the same period a year earlier.

Excluding a tax charge of $27.5 million and other items, Trimble earned 42 cents per share in the latest quarter.

Revenue rose 15 percent to $333.4 million from $290.1 million.

Analysts, on average, were expecting a profit of 40 cents per share on revenue of $323.5 million, according to a survey by Thomson Reuters.

“Second quarter results demonstrated continuing improvement in market conditions and reinforced our earlier expectations for full year results,” said Steven W. Berglund, president and CEO, in a statement.

For the third quarter, Trimble expects adjusted earnings of 32 cents to 34 cents on revenue of $303 million to $308 million.

Analysts are predicting a profit of 33 cents per share on revenue of $303.2 million.

Shares closed down 49 cents at $30.20 Tuesday.