Garmin Q2 Profit Rises, Beats View; Lifts FY14 Forecast - Quick Facts

(RTTNews) - Garmin Ltd. (GRMN) a provider of navigation, communication and information devices and applications, reported Wednesday its second-quarter net income of $181.98 million or $0.93 per share, compared to last year's $172.49 million or $0.88 per share.

Pro forma earnings per share was $1.02, compared to $0.76 last year. On average, 17 analysts polled by Thomson Reuters expected earnings of $0.76 per share. Analysts' estimates typically exclude special items.

Total revenue increased 12 percent to $777.85 million from last year's $696.56 million with fitness and aviation delivering significant growth of 79 percent and 11 percent, respectively. Analysts expected revenues of $710.47 million.

Gross profit margin improved to 57 percent from 55 percent a year ago.

Citing the strong start to the year, the company lifted its forecast for fiscal 2014, and now expects pro forma earnings of $2.95 - $3.05 per share and revenues of $2.75 billion - $2.85 billion.

The company previously expected pro forma earnings per share of $2.50 - $2.60, and revenues of $2.6 billion - $2.7 billion.

Analysts expect earnings of $2.77 per share on revenues of $2.71 billion for the year.