Satellite navigation solutions specialist Trimble has announced that its board of directors has approved plans to undertake a two-for-one share split.
The stock split will take place on 6 March and see the company double the number of common shares from…
Satellite navigation solutions specialist Trimble has announced that its board of directors has approved plans to undertake a two-for-one share split.
The stock split will take place on 6 March and see the company double the number of common shares from 126.2 million to 252.4 million. Trimble has a market capitalisation of approximately US$7.518bn.
The company did not give a reason as to why it is undertaking the stock split and was unavailable for comment at the time of going to press.
Trimble recently reported its fiscal 2012 results, showing a 24% year-on-year increase in revenues to US$2bn. Operating income increased by an even greater amount, up 36% to US$212.6m, while GAAP net income was up 27% to US$191.1m
Steven Berglund, Trimble’s president and chief executive officer commented: “Our quarterly results were consistent with our expectations in an environment that remains volatile. In the US we saw a clear improvement in commercial and residential construction markets which was offset by a general tendency late in the year to defer investment decisions pending better clarity on the outcome of government budget actions.
“Conditions in Europe remained difficult while most other regions continued to be comparatively healthy. Our outlook for 2013 remains that of healthy growth although it is conditioned upon the state of volatility in the US and Europe.”
