Net income increased year over year to $68.6 million, or 26 cents a share, from $49.8 million, or 19 cents a share. The company earned 39 cents a share, excluding items. Revenue increased 8.7% year over year to $604.7 million, which was short of the company's forecast of $610 million to $630 million.
Analysts expected Trimble to earn 42 cents a share on revenue of $618.2 million, according to Thomson Reuters I/B/E/S.
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The company also issued second-quarter guidance for adjusted profit of 38 cents a share to 42 cents a share and revenue of $605 million to $630 million. Analysts expected adjusted profit of 45 cents a share on revenue of $645.8 million.
The stock was down 15.22% to $32.36 at 11:45 a.m.
Separately, TheStreet Ratings team rates TRIMBLE NAVIGATION LTD as a "buy" with a ratings score of A-. TheStreet Ratings 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, growth in earnings per share, increase in net income, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."