{"id":20776,"date":"2014-04-30T10:21:43","date_gmt":"2014-04-30T14:21:43","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=20776"},"modified":"2014-04-30T10:21:43","modified_gmt":"2014-04-30T14:21:43","slug":"garmin-ltd-nasdaqgrmn-reported-better-than-expected-first-quarter-results-for-2014","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/garmin-ltd-nasdaqgrmn-reported-better-than-expected-first-quarter-results-for-2014-20776","title":{"rendered":"Garmin Ltd. (NASDAQ:GRMN) Reported Better Than Expected First Quarter Results For 2014"},"content":{"rendered":"<p>Boston, MA 04\/30\/2014 (wallstreetpr) &#8211;\u00a0<b style=\"text-align: justify; font-size: 14px; line-height: 1.5em;\"><span style=\"font-size: 12.0pt; line-height: 115%;\">Garmin Ltd. (NASDAQ:GRMN)<\/span><\/b><span style=\"text-align: justify; font-size: 12pt; line-height: 115%;\"> announced first quarter results for the fiscal year 2014 with results surpassing analysts\u2019 estimates.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span style=\"font-size: 12.0pt; line-height: 115%;\">The results for the financial year and first quarter, ended March 29, 2014, for Garmin Ltd. were better than expected as the company reported a 10% increase in revenue. This was on account of the increased sales of the company\u2019s aviation and fitness equipment, which outdid the declining sales of its personal navigation equipment. Garmin once was the leader in the market for personal navigation devices. <\/span><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><b><span style=\"font-size: 12.0pt; line-height: 115%;\">Q1\u201914 Results<\/span><\/b><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span style=\"font-size: 12.0pt; line-height: 115%; mso-bidi-font-weight: bold;\">Garmin Ltd. (NASDAQ:GRMN)<\/span><span style=\"font-size: 12.0pt; line-height: 115%;\"> reported total revenue of as much as $583 million in the reported quarter. Of this, 58% revenue was earned from marine, aviation, fitness and outdoor devices. Its gross profit margins increased to 57% while operating profit margin improved 21%. Pro forma EPS growth was reported to be 38% or equivalently 55 cents in the first quarter of 2014. <\/span><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span style=\"font-size: 12.0pt; line-height: 115%;\">The company net income increased to $118.8 million or equivalently $0.61 per share in the reported quarter. In the previous year\u2019s first quarter, the company had recorded a net income of $88.7 million or 45 cents per share. According to Thomas Reuters I\/B\/E\/S, analysts had, on average, forecasted income of 44 cents per share. <\/span><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><b><span style=\"font-size: 12.0pt; line-height: 115%;\">Aviation And Fitness Business<\/span><\/b><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span style=\"font-size: 12.0pt; line-height: 115%; mso-bidi-font-weight: bold;\">Garmin Ltd. (NASDAQ:GRMN)<\/span><span style=\"font-size: 12.0pt; line-height: 115%;\"> announced that its first fitness brand, vivofit\u2122 contributed impressively in its growing activity monitor class. It announced sales in the fitness unit to increase by almost 38% to $100.3 million as compared to the same quarter of the last year. Garmin\u2019s fitness business unit develops products including GPS enabled watches which keep count of calories as well as offer provisions of managing heart beats. Sales of the company\u2019s aviation business unit, which makes products like audio panels, also surged 19% to $95.9 million.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span style=\"font-size: 12.0pt; line-height: 115%;\">It also announced the launch of G3X\u2122 Touch, which is aimed at experimental and non-heavy sports aircraft industry, with five OEM partners.<\/span><br \/>\nBoston, MA 04\/30\/2014 (wallstreetpr) &#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston, MA 04\/30\/2014 (wallstreetpr) &#8211;\u00a0Garmin Ltd. (NASDAQ:GRMN) announced first quarter results for the fiscal year 2014 with results surpassing analysts\u2019 estimates. The results for the [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":15621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[1820,1088],"stock_ticker":[],"class_list":["post-20776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-garmin-ltd-nasdaqgrmn","tag-nasdaqgrmn","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Garmin Ltd. 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