Garmin Ltd. (GRMN) Tops Q3 EPS by 21c; Raises Outlook

October 26, 2016 7:13 AM EDT

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Garmin Ltd. (NASDAQ: GRMN) reported Q3 EPS of $0.75, $0.21 better than the analyst estimate of $0.54. Revenue for the quarter came in at $722 million versus the consensus estimate of $680.33 million.

GUIDANCE:

Garmin Ltd. sees FY2016 EPS of $2.65, versus the consensus of $2.52. Garmin Ltd. sees FY2016 revenue of $2.95 billion, versus the consensus of $2.91 billion.

“Our strong year continued in the third quarter of 2016, reporting solid results with four of our five business segments delivering double digit sales growth and increased profitability,” said Cliff Pemble, president and chief executive officer (CEO) of Garmin Ltd. “We are excited to see the continued positive customer reception of our fitness and outdoor wearables. Aviation and marine also achieved impressive double-digit growth on strong product offerings. We are maintaining our focus on innovation, diversification and market expansion to drive further growth opportunities in all business segments. Given the strong revenue and margin performance in the third quarter, we are raising our revenue and EPS guidance for the full year.”

For earnings history and earnings-related data on Garmin Ltd. (GRMN) click here.



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