KANSAS CITY, Mo. (AP) — Navigational device maker Garmin Ltd. says profits surged in the third quarter as improved pricing and lower costs offset a drop in sales.
Garmin makes GPS-equipped devices for drivers, boaters, pilots and outdoors enthusiasts.
Garmin, which is based in the Cayman Islands but has its headquarters in Olathe, Kan., said Wednesday it earned $215 million, or $1.07 per share, in the July-September period. That's up from $171.2 million, or 82 cents per share, a year ago.
Excluding foreign exchange effects, it says it earned $1.02 per share. Analysts had predicted of 69 cents per share. They typically exclude unusual items from their estimates.
It says revenue declined 10 percent to $781 million. Analysts expected $703.9 million.
Nonethless, its shares are down $1.31, or 4.1 percent, to $30.10 in morning trading.
