Garmin (GRMN) on Watch as Peer TomTom Swings to Q2 GAAP Profit

July 24, 2012 8:53 AM EDT
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Investors are keeping an eye on Garmin Ltd. (Nasdaq: GRMN) Tuesday, following issuance of second-quarter 2012 results from peer TomTom.

TomTom reported a 16.6 percent drop in revenue to €262 million. Despite the drop in sales, TomTom swung to profit of €0.04 per share, from a loss of €0.20 per share in the same period last year. Adjusting for certain one-time items and EPS slumped from €0.10 down to €0.09.

Despite the year-over-year drop, net income was up 118 percent from EPS of €0.04 reported in the first-quarter 2012.

Garmin shares are indicated for a higher open Tuesday.

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