SCHAFFHAUSEN, Switzerland (AP) — SCHAFFHAUSEN, Switzerland (AP) — Garmin Ltd. (GRMN) on Wednesday reported first-quarter profit of $276 million.
The Schaffhausen, Switzerland-based company said it had profit of $1.43 per share. Earnings, adjusted for non-recurring gains, came to $1.42 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The maker of personal navigation devices posted revenue of $1.38 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.24 billion.
Garmin expects full-year earnings to be $5.40 per share, with revenue expected to be $5.75 billion.
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