Garmin Ltd. said its normalized net income for the fiscal first quarter ended March 28 was 25 cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.
EPS decreased 46.4% year over year from 46 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $47.4 million, a decrease of 47.3% from $90.0 million in the year-earlier period.
The normalized profit margin dropped to 8.1% from 15.4% in the year-earlier period.
Total revenue came to $585.4 million, compared with $583.2 million in the year-earlier period, and total operating expenses grew on an annual basis to $473.7 million from $462.9 million.
Reported net income decreased 43.7% from the prior-year period to $67.3 million, or 35 cents per share, from $119.5 million, or 61 cents per share.
