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TheStreet Open House

Why Trimble Navigation (TRMB) is Soaring on Wednesday

Stocks in this article: TRMB

NEW YORK (TheStreet) -- Trimble Navigation (TRMB) is soaring after topping fourth-quarter estimates after the bell Tuesday.

By midmorning Wednesday, shares had added 13.5% to $37.02. Trading volume of 2.6 million was higher than its three-month average daily volume of 1.4 million.

The company, which makes GPS devices for use in construction, surveying and agriculture projects, reported quarterly net income of 43 cents a share. Revenue of $599.2 million was 16.2% higher than the year-ago quarter.

Analysts surveyed by Thomson Reuters had predicted per-share earnings of 37 cents and $567.38 million in sales.

"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 CEO Steven W. Berglund in a statement.

Full-year net income of $1.58 a share was 7 cents over consensus. Sales increased 12% year-over-year to $2.29 billion, higher than expectations of $2.25 billion.

For the three months to March, the Sunnyvale, Calif.-based business anticipates revenue between $610 million and $630 million, with per-share earnings of 40 cents to 43 cents. Analysts forecast earnings of 42 cents a share on $618.16 million in sales.

"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," added Berglund.

TheStreet Ratings team rates TRIMBLE NAVIGATION LTD as a Buy with a ratings score of A-. The team has this to say about their recommendation:

"We rate TRIMBLE NAVIGATION LTD (TRMB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in net income. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

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