Garmin Q3 Tops Estimates; Stock Rallies, Then Falls (Updated)
Garmin (GRMN) this morning reported much better-than-expected Q3 results, giving an early lift to shares of the GPS device maker.
For the quarter, Garmin posted revenue of $781 million and non-GAAP EPS of $1.02 a share; the Street had expected $704 million and 69 cents. Revenue was down 10 percent year over year, but up 17 percent sequentially.
CEO Min Kao said in a statement that the company “saw steady sequential improvement in our consumer segments during the third quarter and are very pleased to return to year-over-year earnings per share growth in the quarter.”
