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Garmin Misses Estimates, Delays Nuvifone
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Updated from 9:11 a.m. EDT
Garmin (GRMN Quote) shares fell sharply Wednesday after it missed second-quarter estimates, warned on the full year and delayed the launch of its eagerly anticipated nuvifone device.
The Cayman Islands-based digital-navigation gadget maker posted net income of $256 million, or $1.19 a share, in the quarter. That was up from $214 million, or 98 cents a share, in the year-ago quarter.
Excluding items related to the effects of foreign currency exchange and the tender of Tele Atlas N.V. shares, Garmin had a profit of 93 cents a share. Analysts were looking for a profit of $1 a share, according to Thomson Reuters. ...
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