Garmin Ltd. (GRMN - Free Report) delivered second-quarter 2019 pro-forma earnings of $1.16 per share, beating the Zacks Consensus Estimate by 16 cents. The figure improved 17.2% on a year-over-year basis and 58.9% sequentially.
Net sales came in $954.84 million, up 7% from the year-ago quarter and 24.6% from the previous quarter. Further, the figure outpaced the Zacks Consensus Estimate of $919.07 million.
Strong performance of its fitness, outdoor, marine and aviation segments drove year-over-year top-line growth.
Management is focused on continued innovation, diversification and market expansion to explore growth opportunities in all its business segments.
Segmental Revenues
Outdoor (22% of net sales): The company generated sales of $210.4 million from this segment in the second quarter, improving 4.3% year over year. The year-over-year increase was primarily driven by robust demand for Garmin’s golf wearables, Instinct adventure watch and inReach devices.
Fitness (26.3%): This segment generated sales of $251.65 million, advancing 12% from the year-ago quarter. This can primarily be attributed to its well-performing running wearables. Further, positive contributions from Tacx buyout were positives.
Marine (15.9%): Garmin generated sales of $151.41 million from this segment, increasing 13% on a year-over-year basis. The company witnessed growing demand for its chartplotters and Panoptix LiveScope sonars during the reported quarter which drove the segment’s top line.
Auto (16.5%): This segment generated sales of $157.41 million, down 12.6% from the prior-year quarter. The decline was mainly owing to shrinking of the personal navigation device (PND) market.
Aviation (19.3%): The segment generated sales of $183.96 million, surging 20.2% on a year-over-year basis. This can primarily be attributed to the well-performing aftermarket systems and ADS-B solutions. Further, the company’s solid momentum in OEM category contributed to the results.
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Garmin Ltd. (GRMN - Free Report) delivered second-quarter 2019 pro-forma earnings of $1.16 per share, beating the Zacks Consensus Estimate by 16 cents. The figure improved 17.2% on a year-over-year basis and 58.9% sequentially.
Net sales came in $954.84 million, up 7% from the year-ago quarter and 24.6% from the previous quarter. Further, the figure outpaced the Zacks Consensus Estimate of $919.07 million.
Strong performance of its fitness, outdoor, marine and aviation segments drove year-over-year top-line growth.
Management is focused on continued innovation, diversification and market expansion to explore growth opportunities in all its business segments.
Segmental Revenues
Outdoor (22% of net sales): The company generated sales of $210.4 million from this segment in the second quarter, improving 4.3% year over year. The year-over-year increase was primarily driven by robust demand for Garmin’s golf wearables, Instinct adventure watch and inReach devices.
Fitness (26.3%): This segment generated sales of $251.65 million, advancing 12% from the year-ago quarter. This can primarily be attributed to its well-performing running wearables. Further, positive contributions from Tacx buyout were positives.
Marine (15.9%): Garmin generated sales of $151.41 million from this segment, increasing 13% on a year-over-year basis. The company witnessed growing demand for its chartplotters and Panoptix LiveScope sonars during the reported quarter which drove the segment’s top line.
Auto (16.5%): This segment generated sales of $157.41 million, down 12.6% from the prior-year quarter. The decline was mainly owing to shrinking of the personal navigation device (PND) market.
Aviation (19.3%): The segment generated sales of $183.96 million, surging 20.2% on a year-over-year basis. This can primarily be attributed to the well-performing aftermarket systems and ADS-B solutions. Further, the company’s solid momentum in OEM category contributed to the results.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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