JPMorgan Upgrades Garmin Ltd. (GRMN) to Neutral
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Garmin Reports Second Quarter Revenue and EPS Growth; Raises Guidance
July 27, 2016 7:01 AM EDTSCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin Ltd. (Nasdaq: GRMN News) today announced results for the second quarter ended June 25, 2016.
Highlights for the second quarter 2016 include:
Total revenue of $812 million, growing 5% over the prior year, with fitness, outdoor, marine and aviation collectively growing 20% over the year ago quarter and contributing 70% of total revenue Gross margin expanded to 57.0% compared to 54.2% in the prior year quarter, and operating margin expanded to 24.7% compared to 21.5% in the prior year quarter GAAP EPS was $0.85, a 18% improvement over the prior year, and pro forma EPS(1) was... More