Garmin Q2 Profit Declines, Slashes 2015 EPS Outlook - Quick Facts

(RTTNews) - Swiss navigational devices maker Garmin Ltd. (GRMN) reported that second-quarter net income declined to $137.75 million or $0.72 per share from $181.98 million or $0.93 per share in the prior-year quarter.

Excluding items, pro forma net income for the quarter was $0.72 per share, compared to $1.02 per share in the year-ago quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter edged down 1 percent to $773.83 million from $777.85 million in the same quarter last year. Fifteen analysts had consensus revenue estimate of $770.84 million for the quarter.

The company noted that the relative strength of the U.S. Dollar compared to other major currencies negatively impacted revenue by about $59 million, or 8 percent in the latest quarter.

Looking ahead to fiscal 2015, the company slashed its pro forma earnings guidance to about $2.65 per share from the prior forecast of about $3.10 per share, while continuing to project revenues of about $2.9 billion.

Street is currently looking for full-year 2015 earnings of $2.78 per share on revenues of $2.88 billion.