Garmin Ltd (GRMN)

[MCArmel1]

Garmin misses by $0.04, misses on revenue

Oct 28 2015, 07:02 ET | About: Garmin Ltd. (GRMN) | By: Niloofer Shaikh, SA News Editor

Garmin (NASDAQ:GRMN): Q3 EPS of $0.51 misses by $0.04.

Revenue of $679.69M (-3.8% Y/Y) misses by $7.89M.

Press Release

http://seekingalpha.com/news/2864236-garmin-misses-by-0_04-misses-on-revenue?uprof=45#email_link


Garmin Reports Third Quarter 2015 Results and Affirms Updated Guidance
Wed October 28, 2015 7:00 AM|Business Wire | About: GRMN

SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin Ltd. (GRMN) 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 revenue mix shifting toward countries with weaker currencies relative to the U.S. Dollar and lower average selling prices; operating margin was further impacted by strategic investments in R&D and advertising
• Shipped approximately 3.9 million units in the quarter, a 4% increase over the year ago quarter
• Pro forma EPS(1) of $0.51 for third quarter 2015
• Announced new products available for the fourth quarter including fitness and wellness devices incorporating Garmin Elevate" wrist-based heart rate technology and the babyCam" serving a new product category

More...

http://seekingalpha.com/pr/15138066-garmin-reports-third-quarter-2015-results-and-affirms-updated-guidance