NEW YORK (Thomson Financial) - Shares of Garmin Ltd. slumped in premarket
trading Wednesday after the company announced plans to bid 2.3 billion euro, or
24.5 euro per share, or the equivalent of about $3.2 billion, for Tele Atlas NV.
That would trump TomTom NV's bid of 21.25 euro per share.
Garmin also reported third-quarter net income of $193.5 million, or 88 cents
a share, up from $123 million, or 56 cents a share, a year earlier. Excluding
the effects of foreign exchange translation, earnings would have been 89 cents a
share.
Sales for the quarter ending Sept. 29 rose to $728.7 million from last
year's $408 million.
The mean estimate of analysts surveyed by Thomson Financial was for earnings
of 81 cents a share and revenue of $683.2 million.
The Cayman Islands-based navigation device maker said it now expects 2007
earnings to exceed $3.40 a share on revenue of more than $2.9 billion, compared
with analyst forecasts for earnings of $3.42 a share and revenue of $2.9
billion.
The stock was down 6.5% at $112.70 ahead of Wednesday's open.
Tomi Kilgore
tk1
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