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Technology Stocks : Trimble Navigation

TRMB 80.80

-1.4%

3:12 PM EST

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To: R. Jaynes who wrote (2508)	6/11/1998 1:50:00 PM
From: David	Read Replies (3) of 3506

II "throws in the towel" on Trimble because it has lost patience with the company not making II's earnings estimates over the past three years, despite a 20%+ average annual revenue increases over that period. II also dropped its forecast for this year from $.81 EPS to $.76 EPS. It's not that dramatic a report. The modest earnings downgrade is based on Trimble continuing to have capacity problems (thereby raising manufacturing costs and putting pressure on margins). I disagree with II that Trimble has "misread" the GPS market. TRMB may be the only company making money on GPS at this point. It looks, instead, that II has mistimed the GPS market for purposes of its recommendations, and has become embarrassed that TRMB is not yet showing EPS up to II predictions. However, TRMB made $.40 last year, has an II estimate of $.76 this year, and a consensus estimate EPS of $1.20 next year (with a company goal of $1.50 EPS). Revenues seem sure to increase in the range of 25% per year or better for quite a while. I like those numbers.

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