Trimble Navigation Limited (NASDAQ: TRMB) is managing a surprise gain this morning which has the stock in striking distance of a 52-week high. Not bad for a company in a sector under fire from all of the free navigation services offered by telecom carriers. The company’s net income posted a 20% decline but sales were up 35% on better than expected navigational device sales. The adjusted earnings report came to $0.54 EPS before charges, well above the $0.48 estimate.
For the quarter ahead, Trimble sees earnings outside of items at $0.61 to $0.63 in earnings per share and put revenues in a range of $477 million to $482 million. The consensus estimates are $0.57 per share and $453.1 million in sales.
We would be paying close attention to Garmin Ltd. (NASDAQ: GRMN) on the news even though Garmin is at a 52-week high. There may be slightly less of a similarity than many investors think but the two are grouped together in the trading community. Garmin has not traded this morning and its close of $43.53 compares to a 52-week trading range of $29.23 to $43.53.
Trimble is up over 9% at $52.00 in pre-market trading on over 50,000 shares. Keep in mind that the 52-week trading range is $31.88 to $52.30. This one could hit a new 52-week high if it holds.
JON C. OGG
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