NEW YORK (TheStreet) -- Shares of Trimble Navigation (TRMB - Get Report) were gaining 20.1% to $22.51 on Friday after the GPS receivers maker beat analysts' estimates for earnings in the third quarter.

On Thursday. Trimble reported earnings of 30 cents a share for the third quarter, above analysts' estimates of 23 cents a share. Revenue fell 3.8% year over year to $562.3 million for the quarter, above analysts' estimates of $545.87 million.

"We met our revenue expectations and improved operating margins sequentially in the quarter," CEO Steven W. Berglund said in a statement. "Revenue was negatively impacted by continued poor conditions in the agriculture market, the effects of oil price declines, and foreign exchange effects. As these conditions lessen we anticipate a return to growth in 2016."

Looking to the fourth quarter, Trimble said it expects to report earnings of 19 cents to 26 cents a share, and revenue of $520 million to $550 million. Analysts expect the company to report revenue of $557.4 million.

About 4.3 million shares of Trimble were traded by 12:11 p.m. Friday, above the company's average trading volume of about 2.2 million shares a day.

TheStreet Ratings team rates TRIMBLE NAVIGATION LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate TRIMBLE NAVIGATION LTD (TRMB) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.

You can view the full analysis from the report here: TRMB

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