Business

Garmin shows growth in second quarter

Garmin's financial results were better than expected in the second quarter.

The company's earnings for the three months ended June 26 were $134.8 million, or 67 cents a share.

However, pro forma earnings before the currency-exchange impact was 85 cents a share. Analysts on average had forecast 73 cents a share.

Revenues also outpaced expectations at $728.8 million for the quarter. Analysts predicted an average of $676.8 million in quarterly sales.

Revenues were also up 9 percent from the same period last year. That included a 2 percent increase in Garmin's biggest division, the automobile/mobile segment.

"Based on our performance in the second quarter, we expect to deliver on our full-year guidance for pro forma earnings per share," said Min Kao, Garmin's chairman and CEO. "The growth in our outdoor/fitness and marine segments made a significant contribution to the quarter and we plan to build on that momentum."

Based in Olathe, Garmin is the country's biggest producer of personal navigation devices.

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