Garmin Ltd. Earnings: The Profit Streak Continues

Garmin Ltd. (NASDAQ:GRMN) reported its results for the first quarter. Garmin and its subsidiaries manufacture, market, and distribute Global Positioning System-enabled products and other related products.

Investing Insights: What’s the Future of Microsoft’s Stock?

Garmin Earnings Cheat Sheet for the First Quarter

Results: Net income for Garmin Ltd. fell to $86.9 million (44 cents per share) vs. $95.5 million (49 cents per share) a year earlier. This is a decline of 9% from the year-earlier quarter.

Revenue: Rose 9.6% to $556.6 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Garmin Ltd. beat the mean analyst estimate of 41 cents per share. It beat the average revenue estimate of $525.4 million.

Quoting Management: “The first quarter of 2012 provided strong revenue performance as each of our business segments contributed to 10% revenue growth,” said Dr. Min Kao, chairman and chief executive officer of Garmin Ltd. “This is a great way to start the year; yet, we remain cautious regarding the PND industry as much of our strength was related to global market share gains. The revenue growth of our core business segments of outdoor, fitness, aviation and marine was 14%, highlighting the continued diversification in our business model. We continue to grow our research and development investment in these segments, as well as auto OEM, in order to capitalize on the numerous long-term growth initiatives in each of them.”

Key Stats:

The company has now topped analyst estimates for the last three quarters. It beat the mark by 19 cents in the fourth quarter of the last fiscal year and by 27 cents in the third quarter of the last fiscal year.

Net income has increased 21.3% year-over-year on average across the last five quarters. The biggest gain came in the first quarter of the last fiscal year, when income climbed more than twofold from the year-earlier quarter.

The comapny’s revenue has not increased in each of the last two quarters. In the fourth quarter of the last fiscal year, revenue increased 8.6% to $909.6 million from the year-earlier quarter.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from 66 cents a share to 67 cents over the last ninety days. Over the past three months, the average estimate for the fiscal year has climbed from $2.43 per to share to $2.64.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

Don’t Miss These Additional Hot Stories:

CBS Corp. Earnings Cheat Sheet: Increased Profit Helps Beat the Street>>

These Hot Stocks Were Make or Break in April>>

YOU WERE WARNED: Groupon Could be the Worst Public Investment EVER>>