Amazon
- Garmin beat on both the top and bottom lines.
- The company raised its full-year revenue forecast.
(Reuters) – Garmin Ltd reported a higher-than-expected profit for the eighth straight quarter, selling more of its GPS-based outdoor activity gadgets such as underwater watches, leading it to raise its full-year revenue forecast.
The Switzerland-based company’s shares were up 3.7 percent at $ 58.70 in premarket trading on Wednesday.
Garmin said it expects a revenue of $ 3.07 billion for the full year, above analysts’ average estimate of $ 3.04 billion, according to Thomson Reuters I/B/E/S.
Revenue at the outdoor business, which makes wearable devices such as Fenix watches, rose 31.2 percent in the third quarter ended Sept. 30.
The aviation and marine units also buoyed the quarter, offsetting declines in fitness and its auto business.
The company’s net income rose to $ 147.4 million, or 78 cents per share, in the third quarter, from $ 125.1 million, or 66 cents, a year earlier.
It reported proforma earnings of 75 cents per share, above analysts’ estimate of 66 cents.
Garmin’s net sales rose to $ 743.1 million, above the average estimate of $ 721.2 million. (Reporting by Munsif Vengattil in Bengaluru; Editing by Saumyadeb Chakrabarty)
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