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Garmin Q3 Tops Estimates; Stock Rallies, Then Falls (Updated)

in News on November 4, 2009 at 8:30 am PT

Garmin 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.