NEW YORK (TheStreet) -- Garmin (GRMN) - Get Report shares are up by 0.16% to $42.86 in early market trading on Wednesday, following the release of the company's second quarter earnings results today.

The navigation and communication device manufacturer reported second quarter earnings of $137.8 million, or 72 cents per diluted share on revenue that fell 0.5% to $773.8 million.

Analysts on average were expecting the company to report earnings of 71 cents per share on revenue of $768.91 million.

The company reported that it shipped of 4 million units in the quarter, an 8% increase over the same period last year.

"Like many global companies, Garmin has experienced downward revenue and profit pressure due to recent unfavorable currency movements. In light of this reality, we feel positive about our first half revenue performance," CEO Cliff Pemble said in a statement. 

Separately, TheStreet Ratings team rates GARMIN LTD as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate GARMIN LTD (GRMN) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."

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