UPDATE: Garmin Posts Better-Than-Expected Q3 Profit, Lifts FY14 Forecast

Garmin GRMN reported upbeat earnings for the third quarter and raised its FY14 outlook. The Schaffhausen, Switzerland-based company reported a quarterly net loss of $146.8 million, or $0.76 per share, versus a year-ago profit of $187.7 million, or $0.96 per share. Excluding certain items, its proforma earnings came in at $0.76 per share. Its revenue climbed 10% to $706.3 million from $643.6 million. However, analysts were expecting earnings of $0.71 per share on revenue of $677.35 million. The outdoor segment's revenue rose 19% in the quarter, while the fitness segment's revenue climbed 43%. The aviation segment's revenue gained 19%, while the marine segment's revenue surged 12%. The automotive/mobile segment's revenue slipped 5% in the quarter. The company generated $202 million of free cash flow in the quarter. “We believe we are well positioned with our current product portfolio while also investing for long-term sustained growth through further innovation and diversification,” said Cliff Pemble, president and chief executive officer (CEO) of Garmin Ltd. Garmin now expects FY14 earnings of $3.10 per share, versus its earlier forecast of $2.95 to $3.05 per share. It now projects sales of $2.85 billion, compared to $2.75 billion to $2.85 billion. Garmin shares rose 1.04% to close at $57.20 yesterday.