Garmin 2Q profit rises 5.5 percent

Garmin Ltd. (GRMN) on Wednesday reported profit that climbed by 5.5 percent in its second quarter, and topped analysts' expectations.

The Schaffhausen, Switzerland-based company said earnings increased to $182 million, or 93 cents per share, from $172.5 million, or 88 cents per share, in the same quarter a year earlier.

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Earnings, adjusted for non-recurring costs, were $1.02 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The company said revenue climbed 12 percent to $777.8 million from $696.6 million in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $701.7 million, according to Zacks.

Garmin shares have risen $11.39, or 25 percent, to $57.58 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.6 percent. The stock has climbed $20.32, or 55 percent, in the last 12 months.

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This story was generated automatically by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Full GRMN report: http://www.zacks.com/ap/GRMN

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Keywords:Garmin,Earnings Report