Trimble Board Approves $1 Billion Stock Buyback Plan

Dow Jones08-12 19:27

Trimble's board has approved the repurchase of up to $1 billion in common stock.

The company, which provides positioning, modeling and data-analytics technologies, on Wednesday said the new repurchase authorization replaces a prior $1 billion buyback program that had $608.2 million remaining as of the end of the second quarter.

Trimble said it can buy stock from time to time through accelerated stock repurchase programs, open market or privately negotiated transactions, block purchases, tender offers or other means.

The timing and actual amount of any stock repurchased will depend on a variety of factors, and the program may be suspended, modified, or discontinued at any time, the company added.

The buyback program came as Trimble posted a second-quarter loss of $471.7 million, or $2.02 a share, compared with a profit of $89.2 million, or 37 cents a share, a year earlier.

Stripping out one-time items, quarterly earnings came in at 86 cents a share. Analysts polled by FactSet expected adjusted earnings of 80 cents a share.

Total revenue climbed 11% to $972 million, ahead of Wall Street models for $952.1 million.

Shares climbed 4.2%, to $60.40, in premarket trading.

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