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Garmin (GRMN) Stock Falls on Weak Preliminary Third Quarter Results

NEW YORK (TheStreet) -- Shares of Garmin (GRMN - Get Report) are down by 10.71% to $33.01 in mid-morning trading on Thursday, after the company provided downside preliminary third quarter financial results.

The Swiss navigation and communications device manufacturer is expecting to report revenue of approximately $680 million for the quarter ended September 26.

Currency headwinds are expected to negatively impact the company's sales figures by $52 million, Garmin said.

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The company is scheduled to report its third quarter results on October 28 with analysts expecting the company to report $705.1 million in revenue.

"Given the global economic environment, revenue growth has proven difficult to generate in 2015, while gross margin has been weaker than our forecast due to geographic revenue mix and a competitive pricing environment in certain product categories," CEO Cliff Pemble said in a statement.

The company is also revising its full year 2015 outlook based on its third...


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