Trimble Navigation (TRMB)
Q2 2012 Earnings Call
August 1, 2012 04:30 PM ET
Willa McManmon - Director, IR
Steve Berglund - President & CEO
Rajat Bahri - CFO
Jonathan Ho - William Blair
Jonathan Goldberg - Deutsche Bank
Brett Wong - Piper Jaffray
Richard Valera - Needham
Paul Coster - JP Morgan
Eli Lustgarten - Longbow Security
Andrea James - Dougherty & Company
Good afternoon my name is Marvin and I will be your conference operator today. (Operator Instructions). I will now hand the call over to our host, Ms. Willa McManmon. Ma'am you may begin.
Thank you for joining us. I am here today with Steve Berglund, our President and CEO and Rajat Bahri, our CFO. Before we begin, I would like to remind you that the forward-looking statements made in today's call and the subsequent Q&A period are subject to risks and uncertainties. Trimble's actual results may differ materially from those currently anticipated due to a number of factors including the competitive nature of the market place, the condition of the worldwide economy and other factors detailed in the Company's Form 10-K and 10-Qs or other documents filed with the Securities and Exchange Commission.
With that I will turn the call over to Steve Berglund.
Good afternoon, second quarter results remained on track despite a more challenging environment. Coming into the quarter we anticipated slower European demand and a non-favorable exchange rate environment. In addition, to the already low level of activity in residential and commercial construction. The change that occurred within the quarter was the intensifying North American drought which had some impact on agricultural sales. Despite these pressures our results remain above the expectations established at the beginning of the year. All acquisitions boasted overall revenue growth, organic growth remained strong and exchange adjusted was in the mid-teens.