Garmin Reports Decline in Profits; Beats Analysts Estimates; Outlook Raised (GRMN)

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Navigation provider Garmin Ltd.( GRMN ) reported a decline in profits but still beat analysts expectations on Wednesday.

The Swiss company reported third quarter profit of $140.35 million, or 72 cents a share, down 6% from last years reported profit of $150.38 million, or 77 cents a share. Quarterly EPS beat analyst expectations of 61 cents a share.

Reported revenue for the quarter came in at $672.38 million, compared with $666.99 million from last year. Analysts had predicted revenue of $660.83 million.

CEO Dr. Min Kao commented, "due to the diverse markets that we serve, we were able to again post growth in revenue, unit volumes, and operating income during the third quarter of 2012. Because of our third quarter results, we are raising our full year EPS guidance to $2.75-$2.90."

Garmin shares were up $1.07, or 2.74% during premarket trading Wednesday.

Garmin Ltd.( GRMN ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: GRMN

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