UPDATE: Garmin Posts Upbeat Q4 Earnings, Guidance Looks Solid
Garmin (NASDAQ: GRMN) reported upbeat fourth-quarter earnings.
Garmin's quarterly net income surged to $163.6 million, or $0.83 per share, versus $129.3 million, or $0.66 per share, in the year-ago period. Excluding items, it earned $0.76 per share.
Its revenue declined 1% to $759.7 million. However, analysts were estimating earnings of $0.62 per share on revenue of $712.8 million.
The company said it is looking for FY2014 EPS of $2.50-2.60 vs $2.56 analyst estimate. Sees sales of $2.60B-2.70B vs $2.59B estimate.
Garmin shares closed at $47.17 yesterday.
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