Garmin beats by $0.09, beats on revs; raises FY17 guidance (56.61)
- Reports Q3 (Sep) earnings of $0.75 per share, $0.09 better than the Capital IQ Consensus of $0.66; revenues rose 2.9% year/year to $743 mln vs the $722 mln Capital IQ Consensus, with outdoor, aviation, marine and fitness collectively growing 9% over the prior year quarter and contributing 75% of total revenue Gross margin improved to 58.4% compared to 56.2% in the prior year quarter Operating margin improved to 22.8% compared to 22.1% in the prior year quarter Operating income was $170 million, growing 6% over the prior year quarter
- Co issues upside guidance for FY17, sees EPS of ~$2.90 from $2.80 vs. $2.81 Capital IQ Consensus Estimate; sees FY17 revs ~$3.07 bln from $3.04 bln vs. $3.04 bln Capital IQ Consensus Estimate.