Garmin reports higher-than-expected profits and raises its forecast for the year.
The company raised its annual profit forecast to $3,30 per share on a pro forma basis, compared to its previous forecast of $3,05 per share.
(Reuters)- Garmin reported better-than-expected quarterly profit on Wednesday and raised its full-year forecast, helped by increased demand for its fitness and outdoor devices, such as GPS watches and pet trackers.
Garmin, headquartered in Switzerland, said net income rose to $190,3 million, or $1 per share, in the second quarter ended June 30, compared with $177 million, or $0,94 per share, a year earlier.
Excluding extraordinary items, the company earned $0,99 per share, above the average analyst estimate of $0,87 per share, according to Thomson Reuters I/B/E/S.
The company raised its annual profit forecast to $3,30 per share on a pro forma basis, compared to its previous forecast of $3,05 per share.
Net sales increased 7,6 percent to $894,5 million.
Analysts, on average, expected revenue of $845,7 million.
Sales in the fitness segment rose 24,3 percent to $225,1 million, and sales in the outdoor activities segment rose about 4 percent to $201,6 million.
By Akanksha Rana in Bengaluru