Garmin Ltd. (GRMN), a developer and distributor of GPS enabled products and other navigation, communication, and information products, Wednesday reported increase in earnings reflecting impact of the one-time tax benefits for the first quarter. On a adjusted basis, earnings missed analysts' estimates.
For the three-month period, the firm reported net earnings of $88.6 million or $0.45 per share, compared with $86.8 million or $0.44 during the corresponding quarter last year. This year's earnings included a income tax benefit due to completion of tax audits of $16.5 million, the company said in a statement.
Excluding the above mentioned benefits, the firm recorded earnings of $79.5 million or $0.40 per share. On average, twelve analysts polled by Thomson Reuters expected earnings per share of $0.41 for the quarter. Analysts' estimates typically exclude one-time items.
The firm generated revenues of $532 million, a 4 percent decrease from $557 million reported during the same period previous year. The Street expected the firm to report revenues of $518.64 million.
Consistent with prior years, Garmin said it plans to update guidance following the second quarter which is seasonally stronger, providing a better preview for the second half of the year.
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