Garmin 2Q profit rises 5.5 percent

MarketsAssociated Press

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