Garmin Posts Q3 Loss On Tax Expense - Quick Facts

(RTTNews) - Garmin Ltd. (GRMN) reported a third-quarter net loss of $146.83 million or $0.76 per share, compared to profit of $187.67 million or $0.96 per share, last year. The inter-company restructuring resulted in additional tax expense of $308 million in the third quarter. Income before income taxes was $172.66 million, compared to $160.80 million, prior year. Pro forma EPS was $0.76 for third quarter 2014.

On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.71 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $706.28 million, compared to $643.64 million, a year ago. Analysts expected revenue of $677.35 million for the quarter.

The company now anticipates 2014 revenues of approximately $2.85 billion, the high end of its prior guidance. Garmin forecasts 2014 pro forma EPS of approximately $3.10. Analysts expect the company to report full year profit per share of $3.07 on revenue of $2.81 billion.