Garmin third-quarter profit beats estimates

Wed Oct 31, 2012 7:05am EDT

Oct 31 (Reuters) - Garmin Ltd's quarterly profit handily beat analysts' estimates, once again lifted by strong demand for its outdoor products that offset slowing sales of its personal navigation devices.

Net profit fell to $140.3 million, or 72 cents per share, for the third quarter, from $150.4 million, or 77 cents per share, a year earlier.

Excluding items, the company earned 74 cents per share. Analysts on average had expected earnings of 61 cents per share, according to Thomson Reuters I/B/E/S.