May 1, 2013 / 11:27 AM / 5 years ago

Garmin profit misses estimates

(Reuters) - Garmin Ltd’s (GRMN.O) first-quarter profit came in below analysts’ average estimate as revenue from its core personal navigation devices business fell further.

Net profit rose to $88.7 million, or 45 cents per share, from $86.9 million, or 44 cents per share, a year earlier. Excluding items, the company earned 40 cents per share.

    Revenue fell 4 percent to $532 million. Automotive/Mobile segment revenue decreased 10 percent to $253 million.

    Analysts on average had expected earnings of 41 cents per share on revenue of $515.6 million, according to Thomson Reuters I/B/E/S.

    Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty

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