SCHAFFHAUSEN, Switzerland (AP) — SCHAFFHAUSEN, Switzerland (AP) — Garmin Ltd. (GRMN) on Wednesday reported third-quarter profit of $401.6 million.
The Schaffhausen, Switzerland-based company said it had profit of $2.08 per share. Earnings, adjusted for non-recurring gains, came to $1.99 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.98 per share.
The maker of personal navigation devices posted revenue of $1.77 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $1.79 billion.
Garmin expects full-year earnings to be $8.15 per share, with revenue expected to be $7.1 billion.
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