Garmin Withdraws 2020 Guidance - Quick Facts

(RTTNews) - Garmin Ltd. (GRMN) said the company is withdrawing its fiscal 2020 guidance due to the rapid and unpredictable economic changes caused by the COVID-19 pandemic.

Cliff Pemble, CEO of Garmin, said: "The economic uncertainty and impact on consumer behavior caused by the COVID-19 pandemic affects every business, and we are no exception. However, we are optimistic for the long term because the markets we serve and the products we offer are well positioned to thrive in the future."

For the first quarter, pro forma earnings per share was $0.91 compared to $0.73, prior year. Total revenue was $856 million, a 12% increase from last year.