Garmin: 2Q Earnings Snapshot
SCHAFFHAUSEN, Switzerland (AP) _ Garmin Ltd. (GRMN) on Wednesday reported second-quarter profit of $223.7 million.
On a per-share basis, the Schaffhausen, Switzerland-based company said it had profit of $1.17. Earnings, adjusted for non-recurring gains, came to $1.16 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The maker of personal navigation devices posted revenue of $954.8 million in the period.
Garmin expects full-year earnings to be $3.90 per share, with revenue expected to be $3.6 billion.
Garmin shares have climbed 21% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. The stock has increased 24% in the last 12 months.