Garmin Ltd. (NASDAQ: GRMN) posted earnings above plan at $1.31 EPS versus First Call consensus of $1.11, while revenues were $1.22 Billion versus the $1.05 Billion consensus estimate.
Despite the concerns that GPS systems are slowing, Garmin issued a slight upside in guidance for fiscal 2008 with its earnings put above $4.40 EPS versus $4.40 consensus estimates and it sees revenues exceeding $4.5 Billion versus $4.26 Billion consensus.
Garmin has also announces that its board of directors approved a 5 million shares buyback plan.
As of last look, there were more than 10.68 million shares listed as being in the short interest. Shares are indicated up nearly 7% at $74.25 in pre-market trading, and the 52-week trading range is $50.01 to $125.68.
Jon C. Ogg
February 20, 2008