Garmin Q3 Profit Beats Estimates; Ups FY Earnings View - Quick Facts

(RTTNews) - Garmin Ltd.'s (GRMN) third-quarter net profit advanced to $187.67 million, or $0.96 per share, from the year-ago period's $140.35 million, or $0.72 per share. Quarterly pro forma net income per share stood at $0.69. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.59 for the quarter. Analysts' estimates typically exclude one-time items.

The firm generated total revenue of $644 million in the quarter with non-automotive/mobile segments of outdoor, fitness, aviation and marine delivering 50% of total revenues and growing 12% over the prior year. Analysts estimated revenues of $628.85 million for the quarter.

For 2013, the company increased its pro forma earnings per share outlook to $2.40 - $2.45, from its prior guidance of $2.30 - $2.40, while full-year revenue is still anticipated to range between $2.5 billion and $2.6 billion. Analysts project annual earnings of $2.41 per share on $2.58 billion revenues.