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Garmin reports 2Q results

Garmin saw improvements in gross and operating profits, driven largely by fitness and aviation, with total revenue of $778 million for the second quarter.

The marine segment saw a 1 percent gain in revenue versus 2013 with $73,780 earned in the second quarter this year, though the company said the segment saw increases in gross margins.

“Our great start to 2014 continued with a second consecutive quarter of revenue, operating income and pro forma EPS growth,” Garmin president and CEO Cliff Pemble said in a statement.

“We are excited to see the positive consumer reception for many of our recently introduced products and are maintaining our focus on innovation and diversification to drive further growth opportunities,” Pemble said of the quarter that included the acquisition of marine audio supplier Fusion Electronics.

The marine segment posted revenue growth of 1 percent compared to the “strong performance” the company achieved in the second quarter of 2013.

While revenue growth was tempered, gross margin improvement and reduced operating expenses drove 23 percent growth in operating income.

Gross margin improvement was driven by product mix shifting toward new products with higher margin profiles.

The acquisition of Fusion Electronics will “allow us to offer a broader portfolio of marine products as we leverage Fusion’s advanced audio equipment capabilities,” the company said.

“Given the strong start to the year, we are raising our revenue and EPS guidance for full year 2014 to $2.75 to $2.85 billion of revenue and $2.95 to $3.05 of pro forma EPS,” Pemble said.


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