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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Garmin Profits Rise 27% 0 comments
    Feb 19, 2014 11:09 AM | about stocks: GRMN

    Originally published at www.seclive.com

    Garmin Ltd. (NASDAQ:GRMN) announced its financial results for the fourth quarter of fiscal year 2013, posting a 27% rise in profits from a year ago. The global positioning systems provider reported a 50% increase in its nonautomotive and mobile business segments, helping offset the 12% automotive and mobile sales decline. Garmin is projecting continued headwinds in the personal GPS device market due to the increased accessibility and use of smartphone applications. Revenue fell 12% to $759.7M, but still beat analyst $713M expectations, while gross margin improved from 48.6% to 51.9%. All other Garmin business segments reported improvements, with aviation sales improving 25%, fitness sales up 14%, and marine sales up 13%. Earnings improved from $129.3M and $0.66 per share a year ago to $163.6M and $0.83 per share this quarter, beating analyst predictions of $0.62 per share.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: financial results, earnings Stocks: GRMN
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