JPMorgan Upgrades Garmin Ltd. (GRMN) to Neutral

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Go back to JPMorgan Upgrades Garmin Ltd. (GRMN) to Neutral

Garmin Reports Second Quarter Revenue and EPS Growth; Raises Guidance

July 27, 2016 7:01 AM EDT

SCHAFFHAUSEN, 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