Garmin Q3 Pro Forma EPS Rises 27%, Net Sales Up 15%; Increases Guidance

(RTTNews) - Garmin Ltd. (GRMN) reported third-quarter earnings per share of $1.19 compared to $0.97, prior year. Pro forma earnings per share was was $1.27, up 27 percent over the prior year quarter. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.95, for the quarter. Analysts' estimates typically exclude special items.

Third-quarter net sales improved to $934.38 million from $810.01 million, a year ago. Analysts expected revenue of $866.86 million, for the quarter. Total unit sales increased to 3,659 when compared to total unit sales of 3,527 in the third quarter of 2018.

For 2019, Garmin now anticipates pro forma earnings per share will be approximately $4.15, revised from prior guidance of $3.90. The company now anticipates revenue of approximately $3.65 billion, updated from prior guidance of approximately $3.6 billion. Analysts expect the company to report profit per share of $3.93 on revenue of $3.61 billion.