TRIMBLE NAVIGATION $29.68 (Nasdaq symbol TRMB; SI Rating: Speculative) (408-481-6914; www.trimble.com; Shares outstanding: 119.5 million; Market cap: $3.5 billion) (adjusted for a 2-for-1 split in February, 2007) makes GPS devices and technology for four main markets:
1) Engineering and construction is the biggest contributor to revenue for Trimble, at 68% of revenues. This segment includes a joint venture with Caterpillar Inc.
2) Agriculture GPS products (15% of sales) let farmers cut costs and increase yields by, say, precisely plowing, seeding or fertilizing fields, even at night.
3) GPS components (11% of sales) consist of GPS boards, modules, chipsets and technology licenses for major customers around the world, to add positioning capability to their business and consumer products.
4) Fleet and asset management products (6% of sales) track moving vehicles, and time their stops and starts. Customers include fire, police, and ambulance vehicles, plus buses and commercial vehicles.
In February, 2007, Trimble completed the $493.1 million acquisition of @Road Inc., a maker of GPS products for managing mobile work forces. @Road was a recommendation of Stock Pickers Digest.
Trimble’s revenues in the three months ended March 31, 2007, rose 26.5%, to $285.7 million from $225.9 million. Earnings rose 11.1%, to $28.7 million from $25.8 million. Per-share earnings rose 4.2%, to $0.25 from $0.24 on more shares outstanding. (All figures in U.S. dollars.) Trimble spends a high 11% of sales on research and development. The company’s debt is low at 17% of shareholders’ equity.
Trimble is a buy for aggressive investors.
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