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March 14, 2013
12:54 EDTGRMN, BDRBFGarmin to provide short term interest free loan of $173.7M to Bombardier
Garmin (GRMN) disclosed in a regulatory filing that its subsidiary Garmin International entered into a Memorandum of Agreement with Bombardier (BDRBF). In order to assist Bombardier in connection with delayed cash flows from the program to develop avionics system for the Lear 70 and Lear 75 aircraft for Learjet, a subsidiary of Bombardier, Garmin International agreed to provide Bombardier a short term, interest free, loan of $173.7M in cash in seven installments beginning on March 22, 2013 and ending on September 20, 2013 pursuant to the terms and conditions of the Agreement. Conditional upon Garmin International returning to Learjet a flight test vehicle and delivering specified Garmin software and hardware to Learjet no later than July 11, 2013, Bombardier will repay the loan in five installments beginning on November 1, 2013 and ending on March 7, 2014, provided that the repayment dates will be extended on a day for day basis if the July 11, 2013 milestone date is extended, the company said. Garmin International is the supplier of the avionics system for the Lear program and the delayed cash flows are partially related to the certification of the avionics exceeding the planned delivery date, the company said.
News For GRMN;BDRBF From The Last 14 Days
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October 30, 2014
07:16 EDTGRMNGarmin weakness a buying opportunity, says Goldman
Goldman recommends buying Garmin on the pullback and expects the company to continue to beat estimates into 2015 as Auto/Mobile segment declines lesson and Outdoor/Fitness segment benefits from strong secular growth and expansion into adjacencies. Shares are Buy rated with a $64 price target.
06:23 EDTBDRBFBombardier reports Q3 adjusted EPS 12c, one estimate 9c
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October 29, 2014
12:11 EDTGRMNGarmin slips after automotive, mobile revenues decline
Shares of GPS device maker Garmin (GRMN) are trading lower at midday after the company's third quarter results included a 5% decline in revenue from its automotive/mobile segment. WHAT'S NEW: Garmin reported Q3 earnings per share and revenue this morning that were both higher than analysts consensus estimates. The company reported Q3 EPS of 76c on revenue of $706M, beating analysts' consensus expectations of 71c and $677M, respectively. Garmin also gave full year 2014 EPS guidance of $3.10, higher than analysts expectations of $3.07 and revenue guidance of $2.85B, which is at the high-end of expectations. WHAT'S NOTABLE: Garmin, which operates in five segments including Outdoor, Fitness, Aviation, Marine and Auto/Mobile, reported growth in all except its automotive/mobile segment, which posted a revenue decline of 5%. Garmin attributed the decline in Auto/Mobile segment to volume declines in personal navigation devices. Garmin CEO Cliff Pemble commented on the quarter, saying, “Our strong year continued with a third consecutive quarter of revenue, operating income and pro forma EPS growth. Our non-automotive/mobile segments delivered 24% revenue growth and 70% of our operating profits. We believe we are well positioned with our current product portfolio while also investing for long-term sustained growth through further innovation and diversification.” On its earnings conference call, Garmin management said the company feels good on where it stands on product positioning and said that it is too early to give specific guidance for 2015. PRICE ACTION: Garmin shares fell 5.75% to $53.92 near noon. Over the last 12 months, the stock is up around 12%.
11:18 EDTGRMNGarmin rollout of Vivofit products not limited by channels
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11:10 EDTGRMNGarmin says nothing to announce for potential new action camera products in 2015
11:10 EDTGRMNGarmin: Q3 results not surprising due to seasonality
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10:55 EDTGRMNGarmin feels good on where it stands on product positioning
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10:46 EDTGRMNGarmin 2014 tax rate to be 17% due to delayed approval of R&D tax credit
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10:38 EDTGRMNGarmin falls after results, levels to watch
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09:19 EDTGRMNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Goodyear Tire (GT), up 10%... Electronic Arts (EA), up 3.7%... ZELTIQ (ZLTQ), up 9%... Eaton (ETN), up 2.3%... Anadarko (APC), up 2%... U.S. Steel (X), up 7.7%... IAC (IACI), up 3.6%. ALSO HIGHER: Fiat Chrysler (FCAU), up 12% after reporting quarterly results, announcing plan to spin off Ferrari... Cara Therapeutics (CARA), up 17.8% after HAL trial of IV formulation of CR845 met primary endpoint... Jamba (JMBA), up 4% after upgraded at Wedbush. DOWN AFTER EARNINGS: Facebook (FB), down 5.7%... Gilead (GILD), down 3.2%... Ralph Lauren (RL), down 2.3%... SodaStream (SODA), down 3%... Garmin (GRMN), down 5%... Applied Micro Circuits (AMCC), down 9.9%... STMicroelectronics (STM), down 10%... Ballard Power (BLDP), down 8.7%... Hershey (HSY), down 3.3%... Deutsche Bank (DB), down 2.3%... McKesson (MCK), down 2%. ALSO LOWER: Sanofi (SNY), down 5.7% after downgraded at various firms including Barclays and BofA/Merrill after the company's board removed Christopher Viehbacher as CEO... InvenSense (INVN), down 22%, downgraded at Pacific Crest, Northland and Piper Jaffray following the company's Q2 earnings results... CareTrust REIT (CTRE), down 3.6% after acquiring Cross Healthcare Seniors housing portfolio... Orbital (ORB), down 16% after Orb-3 launch mishap... American Realty (ARCP), down 22% after announcing resignations of CFO, CAO.
07:02 EDTGRMNGarmin sees FY14 pro forma EPS approx. $3.10, consensus $3.07
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07:01 EDTGRMNGarmin reports Q3 pro forma EPS 76c, consensus 71c
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October 28, 2014
15:44 EDTGRMNNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Southern Company (SO), consensus $1.07; Phillips 66 (PSX), consensus $1.75; Automatic Data Processing (ADP), consensus 60c; Praxair (PX), consensus $1.63; WellPoint (WLP), consensus $2.27; Exelon (EXC), consensus 73c; Eaton (ETN), consensus $1.23; Hess (HES), consensus $1.08; TE Connectivity (TEL), consensus $1.00; McGraw Hill Financial (MHFI), consensus 94c; Waste Management (WM), consensus 68c; Hershey (HSY), consensus $1.08; Ralph Lauren (RL), consensus $2.06; Wisconsin Energy (WEC), consensus 53c; Garmin (GRMN), consensus 71c; Sealed Air (SEE), consensus 46c; DENTSPLY (XRAY), consensus 60c; Goodyear Tire (GT), consensus 70c; Revlon (REV), one estimate 45c; Booz Allen (BAH), consensus 41c; Carlyle Group (CG), consensus 54c.
October 27, 2014
10:00 EDTGRMNOn The Fly: Analyst Upgrade Summary
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09:14 EDTGRMNOn The Fly: Pre-market Movers
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05:30 EDTGRMNGarmin upgraded to Buy from Neutral at Goldman
Goldman Sachs upgraded Garmin to Buy citing the recent pullback in shares and its belief Q4 and 2015 consensus estimates have upside. Goldman says its channel checks indicate Garmin's fitness products are positioned well into the holiday season. The firm raised its price target for shares to $64 from $61. The stock closed Friday up $1.03 to $55.26.
October 22, 2014
08:10 EDTBDRBFCAE, Bombardier expanding Authorized Training Provider network
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October 17, 2014
10:00 EDTGRMNOn The Fly: Analyst Initiation Summary
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08:19 EDTGRMNGarmin initiated with a Neutral at Credit Suisse
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