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Garmin's quarterly results beat estimates
October 30, 2013 / 11:11 AM / 4 years ago

Garmin's quarterly results beat estimates

Oct 30 (Reuters) - Navigation device maker Garmin Ltd’s third-quarter results came in above analysts’ average estimate on higher revenue from its aviation and fitness businesses.

Net profit rose to $187.6 million, or 96 cents per share, from $140.3 million, or 72 cents per share, a year earlier.

Excluding items, the company earned 69 cents per share.

Revenue fell 4 percent to $643.6 million.

Analysts on average had expected earnings of 59 cents per share on revenue of $628.9 million, according to Thomson Reuters I/B/E/S.

Garmin’s navigation products use global positioning system technology to wirelessly deliver geographic location data through satellite communications.

Its Bluechart mobile application is used in Apple Inc’s iPads and iPhones.

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