Citi Upgrades Garmin Ltd. (GRMN) to Neutral
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Garmin Reports Third Quarter 2015 Results and Affirms Updated Guidance
October 28, 2015 7:00 AM EDTSCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin Ltd. (Nasdaq: GRMN News) today announced results for the quarter ended September 26, 2015.
Summary items for the quarter and recent product announcements include:
Total revenue of $680 million in the third quarter of 2015 with fitness, outdoor, aviation and marine delivering 61% of total revenue The relative strength of the US Dollar compared to other major currencies negatively impacted revenue by approximately $52 million, or 7%, in the third quarter of 2015 Gross and operating margins were 53% and 18.5%, respectively; gross margin was impacted by geographic... More