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Garmin stock skids to low on weak 1Q profit and sales

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By AP
30 April 2008 @ 07:34 pm EST

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NEW YORK - Garmin shares are tumbling and have set two-year lows after the personal navigation device maker reported first-quarter results that missed analyst expectations.

Quotes

GRMN

15.77

0.55

Garmin Ltd.'s profit and sales both came up well short of Wall Street estimates, and the stock fell to a low of $39.75. That was its lowest price since March 2006.

Shares fell $5.54, or 11.9 percent, to close at $40.90.

The Cayman Islands company is holding a conference call Wednesday and said it will provide details about its 2008 outlook, indicating that global economic conditions could affect its results.

Oppenheimer analyst Yair Reiner said Garmin's revenue forecast of $4.5 billion "looks like quite a reach at this stage." The company expects to earn at least $4.40 per share, which Reiner said is possible.

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