Garmin: 3Q Earnings Snapshot
SCHAFFHAUSEN, Switzerland (AP) _ Garmin Ltd. (GRMN) on Wednesday reported third-quarter net income of $227.9 million.
The Schaffhausen, Switzerland-based company said it had net income of $1.19 per share. Earnings, adjusted for one-time gains and costs, came to $1.27 per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The maker of personal navigation devices posted revenue of $934.4 million in the period.
Garmin expects full-year earnings to be $4.15 per share, with revenue expected to be $3.65 billion.
Garmin shares have increased 39% since the beginning of the year, while the Standard & Poor’s 500 index has risen 21%. The stock has increased 42% in the last 12 months.