SCHAFFHAUSEN, Switzerland (AP) — SCHAFFHAUSEN, Switzerland (AP) — Garmin Ltd. (GRMN) on Wednesday reported first-quarter net income of $332.8 million.
On a per-share basis, the Schaffhausen, Switzerland-based company said it had net income of $1.72. Earnings, adjusted for non-recurring gains, were $1.61 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.65 per share.
The maker of personal navigation devices posted revenue of $1.54 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $1.57 billion.
Garmin expects full-year earnings to be $7.80 per share, with revenue expected to be $6.85 billion.
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