Global Positioning Earnings Onslaught (GRMN, NVT, SIRF, TRMB)

July 31, 2007 by Douglas A. McIntyre

It is rare that one sub-sector has all of the key components reporting earnings within the same 24 hour period, but that is the case with the "GPS" or global positioning stocks.  Tonight we have earnings from Timble (TRMB), NAVTEQ (NVT) and SiRF Tech (SIRF).  Tomorrow morning is Garmin (GRMN).  If you are in outside sales, the military, shipping, or do lots of driving then you know the addiction to these.  Particularly since a research analyst just yesterday and Jim Cramer recently called NAVTEQ (NVT) a buyout candidate.  These reports are all after reports that TomTom agreed to Buyout NAVTEQ’s rival TeleAtlas for some $2.6 Billion. Keep in mind that these have experienced significant gains and are all considered hi-beta names.  Here are the earnings previews with some brief notes:

NAVTEQ (NYSE:NVT) reports after today’s close: $0.27 EPS & $180.25M revenues; next quarter $0.26 EPS & $181.4M revenues; Fiscal 2007 $1.33 EPS & $747.8M revenues.  Shares within 10% of recent yearly highs and up over 100% from year lows.  40+ P/E ratio, recently noted as takeover candidate.

Trimble Navigation (NASDAQ:TRMB) reports after today’s close: $0.30 EPS & $311.7M revenues; next quarter $0.26 EPS & $293.4M revenues; Fiscal 20067 $1.12 EPS & $1.19 Billion revenues.  TRMB within 6% of 52-week highs and up over 60% from lows.  Almost $4 Billion market cap and 36+ P/E ratio.

SiRF Tech (NASDAQ:SIRF) reports after today’s close: $0.23 EPS & $71.5M revenues; next quarter $0.28 EPS & $81.4M revenues; Fiscal 2007 $1.06 EPS & $315.5M revenues.  Just recently in new collaboration with Intel pre-market; stock well off of highs because of prior guidance; still massive P/E ratio because of items, but has only a 22.6 forward P/E ratio if it hits estimates.

Garmin Ltd. (NASDAQ:GRMN) reports Wednesday morning before the open: $0.73 EPS & $645.7M revenues; next quarter $0.67 EPS & $601M revenues; Fiscal 2007 $2.90 EPS & $2.62 Billion revenues. Stock already above most analyst targets because of outperformance; shares within 1% of all-time highs (52-week) with an $18.7 Billion market cap; Forward P/E close to 30.

Jon C. Ogg
July 31, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.