Garmin Ltd. (NASDAQ:GRMN) reported its results for the third quarter. Garmin and its subsidiaries manufacture, market, and distribute Global Positioning System-enabled products and other related products.

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Garmin Earnings Cheat Sheet for the Third Quarter

Results: Net income for Garmin Ltd. fell to $150.4 million (77 cents per share) vs. $279.6 million ($1.43 per share) a year earlier. This is a decline of 46.2% from the year earlier quarter.

Revenue: Fell 3.7% to $667 million from the year earlier quarter.

Actual vs. Wall St. Expectations: GRMN reported adjusted net income of 71 cents per share. By that measure, the company beat the mean estimate of 50 cents per share. It beat the average revenue estimate of $618.1 million.

Quoting Management: “In the third quarter, revenue again exceeded our expectations with fitness and aviation delivering strong growth even though macroeconomic conditions continued to be challenging. Free cash flow generation continued to be strong at $174 million in the third quarter. This supports our high yield quarterly dividend, as well as ongoing diversification through research and development investment and strategic acquisitions,” said Dr. Min Kao, chairman and chief executive officer of Garmin Ltd.

Key Stats:

The company has now seen net income fall in each of the last two quarters. In the second quarter, net income fell 18.8% from the year earlier quarter.

The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of 56 cents versus a mean estimate of net income of 68 cents per share.

Revenue has fallen in the past two quarters. In the second quarter, revenue declined 7.5% to $674.1 million from the year earlier quarter.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 56 cents per share, down from 76 cents ninety days ago. At $2.09 per share, the average estimate for the fiscal year has fallen from $2.48 ninety days ago.

Competitors to Watch: Sprint (NYSE:S), Verizon (NYSE:VZ), Apple (NASDAQ:AAPL), KVH Industries, Inc. (NASDAQ:KVHI), Cobra Electronics Corp. (NASDAQ:COBR), TeleNav, Inc. (NASDAQ:TNAV), Trimble Navigation Limited (NASDAQ:TRMB), Nokia Corporation (NYSE:NOK), Motorola Solutions Inc (NYSE:MSI), Motorola Mobility Hldgs. Inc (NYSE:MMI), and Research In Motion Ltd. (NASDAQ:RIMM).

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(Source: Xignite Financials)

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