UPDATE 3-Garmin Q3 results beat Street; cuts '08 outlook

miércoles 29 de octubre de 2008 19:25 CET
 

* Q3 EPS, revenue top Street view

* Lowers '08 outlook

* Still sees PND price declines of 25 pct in '08

* Nuvifone on target for launch in H1 of '09

* Shares up 4 percent (Recasts; adds analysts comments, conference call details)

By Purwa Naveen Raman

BANGALORE, Oct 29 (Reuters) - U.S. navigation device maker Garmin (GRMN.O: Cotización) posted better-than-expected third-quarter results and said its smartphone plans were on track, sending its shares up as much as 9 percent.

The company, however, followed its Dutch rival TomTom (TOM2.AS: Cotización) in lowering its 2008 outlook as a slowdown in economy and a weak euro are expected to eat into its earnings.

For 2008, Garmin expects adjusted earnings of $3.78 a share, 8.5 percent lower than its earlier outlook. It lowered its revenue outlook by 7.7 percent to $3.6 billion. [ID:nWNAB3690]   Continuación...