Trimble First-quarter Profit Falls

SUNNYVALE, Calif. (AP) — Trimble Navigation Ltd. said Tuesday its first-quarter profit fell more than half as the weak economy took a toll on its engineering and construction business.

Trimble earned $17.5 million, or 14 cents per share, compared with $40.1 million, or 32 cents per share, a year earlier.

The company said that excluding items such as $4.2 million in stock-based compensation expense and a $4.5 million restructuring expense, it would have earned $33.7 million, or 28 cents per share, compared with $50.1 million, or 40 cents per share, a year earlier.

Analysts surveyed by Thomson Reuters expected 26 cents per share.

Revenue dropped nearly 19 percent, to $289 million from $355.3 million a year ago. Analysts expected $296.8 million.

President and Chief Executive Steven W. Berglund said the Sunnyvale-based company continued to see "considerable uncertainty" focused in its engineering and construction segment, which accounts for nearly half its revenue.

Berglund said the company cut costs during the first quarter "and will take additional steps as conditions require to align our costs with the lower revenue level."

Trimble makes global-positioning systems for commercial and government customers.

Shares fell $1.04, or 5.2 percent, to $18.94 in regular trading, then dropped another 24 cents to $18.70 in extended trading after release of the first-quarter results.