Garmin Q1 Profit Rises - Qucik Facts

(RTTNews) - Garmin Ltd. (GRMN) reported that its first-quarter net income grew to $118.82 million or $0.61 per share, from $88.67 million or $0.45 per share in the same quarter last year.

Pro Forma net income per share improved to $0.55 from $0.40 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share. Analysts' estimates typically exclude special items. Net sales for the quarter rose to $583.22 million from $531.96 million in the prior year quarter. Fifteen analysts had consensus revenue estimate of $541.00 million for the quarter.

"While results in first quarter exceeded our expectations, it is historically the seasonally weakest quarter of the year and much of the year still lies in front of us. Due to these factors, we will update guidance following second quarter as has been our past practice," the company said.