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Trimble Navigation (TRMB)
Trimble Navigation (TRMB - Snapshot Report) is an OEM of GPS-based products and control systems. March quarter revenue was short of the consensus, although the EPS exceeded. Forward guidance is for a revenue decline of -1.4% to an increase of 9.0% in Q2.
International markets will be the only growth drivers for E&C, as the negative impact of the recession on the domestic business is likely to continue. The company will also face negative seasonality in the second half.
However, both the TFS and TMS segment results are currently expected to improve. We are reiterating our Sell rating on TRMB shares.
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| Market Summary | Nov 08, 2009 12:00 pm ET |
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