Garmin Upgrades FY Outlook as 2Q Profit, Revenue Rise

Dow Jones

Jul 29

Garmin lifted its full-year targets after the second-quarter saw a surge in demand for its wearables helping drive sales and profit.

The Swiss technology company that specializes in GPS navigation, wearable technology, and wireless devices, on Wednesday said it expects a better full-year performance after a strong first half.

The company now expects revenue of $8.05 billion and pro forma earnings per share of $10.00. Previously, the company expected revenue of $7.9 billion, and pro forma earnings of $9.35 a share.

Analysts polled on FactSet expected revenue of $8.01 billion and earnings of $9.67 a share.

For its second quarter, Garmin posted a higher net income of $541.9 million, or $2.80 a share, up from $400.8 million, or $2.07 a share, in the comparable quarter a year ago.

Pro forma earnings, an adjusted figure, came to $2.81 a share. According to FactSet, analysts were expecting C$2.30 a share.

Net sales rose to $2.02 billion from $1.81 billion, ahead of the $1.93 billion expected by analysts.

Garmin benefited from an 25% rise in its fitness segment, its largest, where demand for advanced wearables led the growth.

The company also logged growth in its aviation, marine and auto OEM units.

Outdoor, its second-largest segment, saw a 2% decline, dragged primarily by its consumer auto and adventure watch product categories.

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