Garmin Ltd Q1 Profit Increases, beats estimates

(RTTNews) - Garmin Ltd (GRMN) released earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $275.96 million, or $1.43 per share. This compares with $202.33 million, or $1.05 per share, in last year's first quarter.

Excluding items, Garmin Ltd reported adjusted earnings of $274.04 million or $1.42 per share for the period.

Analysts on average had expected the company to earn $1.01 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 20.0% to $1.38 billion from $1.15 billion last year.

Garmin Ltd earnings at a glance (GAAP) :

-Earnings (Q1): $275.96 Mln. vs. $202.33 Mln. last year. -EPS (Q1): $1.43 vs. $1.05 last year. -Revenue (Q1): $1.38 Bln vs. $1.15 Bln last year.

-Guidance: Full year EPS guidance: $5.40 Full year revenue guidance: $5.75 Bln