Global positioning firm’s E&C sales up 23% for fourth quarter
Global-positioning firm Trimble Navigation Ltd. on Tuesday reported $2.3 billion in fiscal 2013 revenue, a 12 percent increase, generating $218.9 million in profit, up 15 percent compared to fiscal 2012.
Investors flocked to Trimble stock Wednesday morning, pushing the stock to a new 52-week high of $37.42. Its 52-week low is $24.66. Trimble’s market capitalization is $9.6 billion and P/E of 50.38.
The Sunnyvale, Calif.-based, publicly traded (Nasdaq: TRMB) company uses positioning technologies – GPS, lasers and optics – to focus on applications requiring position or location, including surveying, construction, agriculture, fleet and asset management, public safety and mapping.
Trimble’s fourth quarter profit soared 81 percent to $60 million compared to the fourth quarter of 2012. Fourth quarter revenue of $599.2 million was a 16 percent increase, compared to the fourth quarter of 2012.
“The fourth quarter results were a strong ending to a challenging year. Beyond the revenue growth in the quarter, fundamental financial performance continued to progress, with improved margins – reflecting a richer mix of higher-value product solutions,” said Trimble CEO Steven Berglund. “While the fourth quarter supports the anticipation of an improved organic growth outlook for 2014, the environment continues to be comparatively uncertain with variations of regional economic performance, continuing deferrals of investment, and continued constrained government funding.”
The company forecast first-quarter adjusted earnings of $0.40-$0.43 a share on sales of $610 to $630 million.
Engineering and Construction (E&C)
Fourth quarter E&C revenue was $331.1 million, up 23 percent over the fourth quarter of 2012. Fiscal 2013 E&C revenue was $1.2 billion, a 12 percent increase.
Fourth quarter sales in Trimble’s Field Solutions segment was $111.1 million, a 3 percent increase over the fourth quarter of 2012 due primarily to increased sales of agriculture products, partially offset by declines in GIS sales.
Fiscal 2013 sales for Field Solutions was $473.9 million, down 2 percent due to lower sales of GIS products, partially offset by growth in agriculture product sales.
Fourth quarter sales in Trimble’s Mobile Solutions group was $125.9 million, a 20 percent jump over the same period in FY2012 due mainly to sales of transportation and logistics solutions.
Fiscal 2013 Mobile Solutions revenue was $465.1 million, up 34 percent, due primarily to higher subscription revenue and the impact of acquisitions.
Fourth quarter Advanced Devices revenue was $31.1 million, down 8 percent, primarily due to lower sales of embedded and timing devices. Fiscal 2013 Advanced Devices revenue was $127.1 million, up 5 percent thanks to increased sales of timing devices.