Garmin meets 2Q earnings expectations, tops revenue forecasts

MarketsAssociated Press

Garmin Ltd. (GRMN) on Wednesday reported second-quarter earnings of $137.8 million.

On a per-share basis, the Schaffhausen, Switzerland-based company said it had profit of 72 cents.

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The results met Wall Street expectations, according to a survey of 11 analysts by Zacks Investment Research.

The maker of personal navigation devices posted revenue of $773.8 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $765.3 million.

Garmin expects full-year earnings to be $2.65 per share, with revenue expected to be $2.9 billion.

Garmin shares have fallen 19 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 2 percent. The stock has decreased 26 percent in the last 12 months.

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This story has been corrected to show that Wall Street expected per-share earnings of 72 cents and that the company met expectations.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GRMN at http://www.zacks.com/ap/GRMN

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Keywords: Garmin, Earnings Report