Key Developments: Garmin Ltd (GRMN.O)
35.35USD
23 May 2013
$-0.28 (-0.79%)
$35.63
$35.49
$35.54
$35.20
1,073,277
1,145,567
$44.12
$32.52
Latest Key Developments (Source: Significant Developments)
Garmin Ltd Reaffirms FY 2013 Guidance-Conference Call
Garmin Ltd announced that the Company is maintaining fiscal 2013 guidance of $2.5 billion to $2.6 billion of revenue, and $2.30 to $2.40 of pro forma EPS. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $2.5 billion and EPS of $2.38 for fiscal 2013. Full Article
Garmin Ltd Announces Dividend And Initiates $300 Million Share Repurchase Program
Garmin Ltd announced that the Board intends to recommend to the shareholders for approval at the annual meeting to be held on June 7, 2013 a cash dividend in the amount of $1.80 per share payable in four equal installments. The Board currently anticipates the scheduling of the dividend in four installments as follows: Dividend Dates are June 28, 2013, September 30, 2013, December 31, 2013 , March 31, 2014 . Record dates are on June 18, 2013, September 16, 2013, December 16, 2013, March 17, 2014 .Dividend will be paid in the amount of $0.45 per share. In addition the Company has one additional payment of $0.45 due on March 29, 2013 to shareholders of record on March 15, 2013.On February 15 Board of Directors authorized the Company to repurchase up to $300 million of the Company`s shares as market and business conditions warrant through December 31, 2014. The repurchases may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The Company views the stock repurchase as an appropriate use of cash given the long-term growth prospects of the Company and ongoing free cash flow generation. Full Article
Garmin Ltd Issues FY 2013 Guidance Below Analysts' Estimates
Garmin Ltd announced that for fiscal 2013, it expects revenue to be in the range of $2.5-$2.6 billion and operating income to be in the range of $480-$500 million and earnings per share (EPS) (Pro Forma) in the range of $2.30-$2.40. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $2.75 billion, EBIT of $595 million and EPS of $2.83 for fiscal 2013. Full Article
Garmin Ltd Reaffirms FY 2012 Guidance-Conference Call
Garmin Ltd announced that for fiscal 2012, it expects revenue to come in at $2.75 billion to $2.8 billion and EPS between of $2.75 and $2.90. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $2.78 billion for fiscal 2012. Full Article
Garmin Ltd Announces Executive Transition Plan
Garmin Ltd announced that effective January 1, 2013 the Board of Directors has appointed Clifton Pemble to the position of President and CEO, succeeding co-founder, Dr. Min Kao. Pemble, who joined Garmin in 1989 as one of the Company's first engineers, has been serving as President and Chief Operating Officer since October 2007, and has been a member of the Garmin Ltd. board of directors since August 2004. Dr. Kao will assume the role of Executive Chairman, where he will continue to serve as the Chairman of the Board of Directors while also providing ongoing support to the Company's strategic planning and business development processes. Full Article
Northrop Grumman Selects Garmin Ltd's Integrated Flight Deck for New Optionally Piloted Aircraft
Garmin International Inc., a unit of Garmin Ltd, announced that Northrop Grumman Corporation has selected Garmin to supply the avionics suite for the new Firebird, an optionally piloted vehicle (OPV) designed for intelligence, surveillance and reconnaissance (ISR) missions. The Firebird is equipped with a tailored version of Garmin’s latest touchscreen-controlled integrated flight deck system, leveraging the expandable and scalable attributes of Garmin’s commercial avionics technology to yield a highly capable Commercial Off-the-Shelf (COTS) solution. Full Article
Garmin Ltd Raises FY 2012 EPS Guidance
Garmin Ltd announced that because of its third quarter results, it is raising its fiscal 2012 EPS guidance to $2.75-$2.90. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $2.87 for fiscal 2012. Full Article
Garmin Ltd's Subsidiaries Acquires Nexus Marine AB
Garmin Ltd announced that one of its subsidiaries has acquired Nexus Marine AB, a privately held designer and manufacturer of instrumentation for the sailing and yachting market. The acquisition is being announced in conjunction with the Southampton Boat Show, September 14-23, 2012. Nexus Marine AB will operate as Garmin Stockholm AB, a wholly owned subsidiary of Garmin Ltd. Financial terms of the acquisition will not be released. Full Article
Garmin Ltd. Raises Low End Of Prior FY 2012 Revenue Guidance; Raises FY 2012 EPS Guidance
Garmin Ltd. narrowed fiscal 2012 revenue guidance to $2.75-$2.80 billion. This represents the high end of prior range with improvement in auto/mobile and outdoor offset by the remaining segments. The Company is increasing EPS guidance to $2.70-$2.85 due to the outstanding margins in the first half. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $2.79 billion and EPS of $2.66 for fiscal 2012. Full Article
Garmin Ltd.'s Garmin International, Inc Updates On Patent Dispute with Rambus Inc.
Garmin Ltd.'s Garmin International, Inc announced that the U.S. International Trade Commission has rejected all of Rambus, Inc.’s patent allegations against Garmin. As a result, the Commission terminated the investigation initiated by Rambus styled In the Matter of Certain Semiconductor Chips and Products Containing Same (Investigation No. 337-TA-753). The notice of termination, which is subject to appeal, affirmed the Administrative Law Judge’s Initial Determination finding that Rambus’ 'Barth I' patents asserted against Garmin are invalid and unenforceable. Additionally, the Commission determined that Rambus had failed to demonstrate the existence of a domestic industry for these patents. The Commission affirmed the ALJ’s determination that only Garmin was able to establish that patent exhaustion applied to its products. Garmin was represented by a team led by Lou Mastriani of Adduci, Mastriani & Schaumberg LLP. Full Article
Garmin profit misses estimates
- Garmin Ltd's first-quarter profit came in below analysts' average estimate as revenue from its core personal navigation devices business fell further.
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