blew away second-quarter estimates and raised full-year guidance.
The Cayman Islands-based maker of personal navigation gear made $123 million, or $1.12 a share, for the quarter ended July 1, up from the year-ago $74 million, or 68 cents a share. Revenue rose 64% from a year ago to $433 million. Analysts were looking for a 94-cent profit on sales of $378 million.
"Our outdoor/fitness segment grew faster than expected during the quarter as response to our new Edge and ForeRunner products remained very positive," the company said. "Response to our new marine product offerings has been very positive, although success in this segment has been somewhat dampened by poor weather and higher fuel prices experienced by our marine customers during the typically strong marine buying season. We continue to believe the marine segment is well-positioned to meet our 2006 guidance for this segment."
Garmin added that "the delay of certain OEM programs and the delay in some of our aviation product introductions will result in softer results for this segment in 2006. With these factors in mind, we have revised our 2006 guidance for this segment accordingly."
The company said it expects to make at least $3.90 a share for the year on revenue of $1.6 billion. Analysts were looking for $3.65 a share on $1.47 billion.