Proving the Business Case for the Internet of Things

Garmin revenue rises on demand for GPS-based fitness products

Abhirup Roy
October 30, 2014
(Reuters) - Garmin Ltd (Olathe, KS, USA), a maker of GPS-based gadgets, reported a 10 percent rise in quarterly revenue, helped by strong demand for its fitness products.

The company reported a net loss of $146.8 million, or 76 cents per share, in the quarter ended Sept. 27, compared with a profit of $187.7 million, or 96 cents per share, a year earlier.

Excluding a $308 million tax expense related to restructuring, the company's proforma earnings were 76 cents per share.

Revenue rose to $706.3 million from $643.6 million.

(Reporting by Abhirup Roy in Bangalore; Editing by Tresa Sherin Morera)
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