OLATHE (dpa-AFX) - (Adds Outlook)

Garmin Ltd (GRMN) revealed a profit for its fourth quarter that increased from
last year and beat the Street estimates.

The company's earnings came in at $542.125 million, or $2.82 per share. This
compares with $293.272 million, or $1.53 per share, in last year's fourth
quarter.

Excluding items, Garmin Ltd reported adjusted earnings of $330.863 million or
$1.72 per share for the period.

Analysts on average had expected the company to earn $1.39 per share, according
to figures compiled by Thomson Reuters. Analysts' estimates typically exclude
special items.

The company's revenue for the quarter rose 13.5% to $1.482 billion from $1.306
billion last year.

Outlook:

Looking ahead, the company expects its annual results below analysts' view.

For the full year, Garmin expects pro forma income per share of $5.40, below
analysts' forecast of $5.61 per share.

Annual revenue is expected to be $5.75 billion, below the analysts' estimate of $5.56 billion.

The company intends to pay a cash dividend of $3 per share, payable in four
equal installments on dates to be determined by the Board.

In addition, the company will pay a final dividend of $0.73 per share on March
29 to shareholders on the register as of March 15.

Garmin Ltd Q4 earnings at a glance (GAAP) :

-Earnings (Q4): $542.125 Mln. vs. $293.272 Mln. last year.
-EPS (Q4): $2.82 vs. $1.53 last year.
-Analyst Estimate: $1.39
-Revenue (Q4): $1.482 Bln vs. $1.306 Bln last year.



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX