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Garmin (GRMN) Falls Despite Better-Than-Expected Results

November 4, 2009 10:59 AM EST
GRMN Hot Sheet
Overall Analyst Rating:
    NEUTRAL (Up Up)

EPS Growth %: +4.7%
Despite much-better-than-expected results this morning, Garmin Ltd. (Nasdaq: GRMN) can not hold up. Shares are down 8.8% now, after opening higher.

Comments on the conference call that the G60 roll-out at AT&T has been slow could be contributing to the weakness.

Garmin reported Q3 earnings of $1.02 per share, above the consensus of $0.69 and $0.87 last year. Revenues fell 10% to $781 million, versus the consensus of $703.9 million.

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