Garmin shares hit road block after wide earnings miss


Shares of navigation device maker Garmin (GRMN) dropped about 15 percent after the company's first-quarter results widely missed earnings expectations.

The company said net earnings fell 67 percent to $48.5 million, or 24 cents per share. Excluding times, Garmin's earnings totaled 25 cents per share. Sales fell 34 percent to $437 million. Analysts polled by Thomson Reuters expected a profit of 42 cents per share on revenue of $531.6 million.