Garmin Ltd. (GRMN) announced after the bell Wednesday that it expects to report second quarter EPS of $0.70 to $0.72. Analysts are expecting EPS of $0.91. The company also lowered its full year pro forma earnings outlook to about $2.65 per share, from its prior outlook of $3.10 per share. The consensus estimate is for EPS of $3.06.
Garmin gapped open sharply lower Thursday, but traded in a range throughout the session. The stock closed down by 3.30 at $43.10 on the highest volume of the year. Garmin closed testing the lows of the year.
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