Garmin stock skids to low on weak 1Q profit and sales
Wednesday April 30, 11:43 am ET
Garmin falls to two-year low after 1st-quarter results fall short of Wall Street estimates
NEW YORK (AP) -- Garmin shares are tumbling and have set two-year lows after the personal navigation device maker reported first-quarter results that missed analyst expectations.
Garmin Ltd.'s profit and sales both came up well short of Wall Street estimates, and the stock fell to a low of $39.75. That was its lowest price since March 2006.
Later in morning trading, shares fell $6.05, or 13 percent, to $40.39.
The Cayman Islands company is holding a conference call Wednesday and said it will provide details about its 2008 outlook, indicating that global economic conditions could affect its results.
Oppenheimer analyst Yair Reiner said Garmin's revenue forecast of $4.5 billion "looks like quite a reach at this stage." The company expects to earn at least $4.40 per share, which Reiner said is possible.
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