Garmin Reports Third Quarter EPS of $1.43

by Benzinga Staff
November 3, 2010 7:15 AM | 1 min read |

Garmin Ltd. GRMN today announced third quarter results for the period ended September 25, 2010.

Third Quarter 2010 Financial Summary:

  • Units shipped decreased 1% year-over-year to 3.8 million units
  • Gross margin was 50% in the current quarter a slight decline compared to 52% in third quarter 2009
  • Operating margin declined year-over-year to 24% compared to 30% in third quarter 2009
  • Diluted earnings per share (EPS) increased 34% to $1.43 from $1.07 in third quarter 2009; pro forma diluted EPS decreased 31% to $0.70 from $1.02 in the same quarter in 2009. (Pro forma EPS excludes the impact of foreign currency transaction gain or loss and one-time tax adjustments.)
  • Free cash flow generation of $195 million in third quarter 2010 for a cash and marketable securities balance of almost $1.9 billion. 

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