* Q4 adjusted EPS of $0.24 beats estimates by a cent
* Q4 rev $268.1 mln vs. est $268.5
* Sees Q1 results below Street view
* To reduce workforce by 10 pct
Feb 3 (Reuters) - Navigation systems maker posted quarterly profit that beat market estimates by a penny, but forecast weak first-quarter results and said it would cut 10 percent of its workforce.
'Our visibility into 2009 is extremely limited,' Chief Executive Steven Berglund said in a statement. 'We currently expect the first quarter to reflect the confusion of the fourth quarter.' Berglund said the drop in demand for the engineering and construction segment that was seen in mid-September had worsened during the fourth quarter.
For the first quarter, the company said it expects to earn 27 cents a share, excluding items. It expects revenue to come in at $300 million, but said market volatility could cause this estimate to vary plus or minus 5 percent.
Analysts were expecting it to earn 32 cents a share, before items, on revenue of $307.9 million.
For the fourth quarter, Trimble's net income was $13.7 million, or 11 cents a share, compared with $26.3 million, or 21 cents a share, in the year-ago period.
Revenue for the period fell about 14 percent to $268.1 million, while revenue at its engineering and construction segment was down about 24 percent to $142.6 million.
Shares of the company closed at $14.53 Tuesday on Nasdaq.
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(Reporting by Deepti Govind in Bangalore) Keywords: TRIMBLENAVIGATION/ (deepti.govind@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: deepti.govind.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Q4 rev $268.1 mln vs. est $268.5
* Sees Q1 results below Street view
* To reduce workforce by 10 pct
Feb 3 (Reuters) - Navigation systems maker posted quarterly profit that beat market estimates by a penny, but forecast weak first-quarter results and said it would cut 10 percent of its workforce.
'Our visibility into 2009 is extremely limited,' Chief Executive Steven Berglund said in a statement. 'We currently expect the first quarter to reflect the confusion of the fourth quarter.' Berglund said the drop in demand for the engineering and construction segment that was seen in mid-September had worsened during the fourth quarter.
For the first quarter, the company said it expects to earn 27 cents a share, excluding items. It expects revenue to come in at $300 million, but said market volatility could cause this estimate to vary plus or minus 5 percent.
Analysts were expecting it to earn 32 cents a share, before items, on revenue of $307.9 million.
For the fourth quarter, Trimble's net income was $13.7 million, or 11 cents a share, compared with $26.3 million, or 21 cents a share, in the year-ago period.
Revenue for the period fell about 14 percent to $268.1 million, while revenue at its engineering and construction segment was down about 24 percent to $142.6 million.
Shares of the company closed at $14.53 Tuesday on Nasdaq.
For the alerts, double-click here.
(Reporting by Deepti Govind in Bangalore) Keywords: TRIMBLENAVIGATION/ (deepti.govind@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: deepti.govind.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.