OLATHE (dpa-AFX) - Garmin Ltd. (GRMN), on Wednesday announced lower income and sales for the third quarter ended September 24, 2022. While earnings beat estimates, revenues missed.
Net income for the period was $210.85 million or $1.09 per share as compared to $259.04 million or $1.34 per share in the year-ago period.
Excluding items, earnings were $239.43 million or $1.24 per share as compared to $273.16 million or $1.41 per share in the prior period.
2 analysts polled by Thomson Reuters were expecting the company to report earnings of $1.14 per share. Analysts typically exclude one-time items.
Net sales for the period were $1.14 billion as compared to $1.19 billion in the corresponding period of the previous year. This includes an unfavorable impact of approximately $70 million due to the year-over-year strengthening of the U.S. Dollar relative to other major currencies.
2 analysts polled by Thomson Reuters were expecting the company to report revenues of $1.2 billion.
The Switzerland-based company has raised the 2022 EPS guidance on improved margin outlook. The company anticipates revenue of approximately $4.85 billion and EPS of approximately $4.95 in 2022.
4 analysts polled by Thomson Reuters are expecting the company to report earnings of $4.9 in 2022.
Shares of Garmin are currently trading in pre-market at $84.85, down $0.04 or 0.05 percent from the previous close.
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