UPDATE: Garmin Posts 6.7% Rise In Q3 Profit, Lifts Full-Year Forecast
Garmin Ltd (NASDAQ: GRMN) reported a 6.7% rise in its third-quarter profit and lifted its full-year earnings forecast.
Garmin lifted its full-year earnings outlook by $0.05 per share to $2.75 to $2.90 per share.
Garmin's quarterly profit surged to $140.3 million, from $137.6 million, in the year-ago period. Its per-share earnings declined to $0.72 from $0.77. Excluding other items, Garmin earned $0.74 per share.
Its sales rose 0.8% to $672.4 million. However, analysts were expecting earnings of $0.61 per share on revenue of $661 million.
Garmin's gross margin rose to 53.4% from 51.6%
Garmin shares closed at $38.99 on Friday.
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