UPDATE: JPMorgan Cuts Garmin (GRMN) to Underweight on Decelerating Growth in Fitness
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Garmin Reports Second Quarter 2015 Results and Updated 2015 Guidance
July 29, 2015 7:00 AM EDTSCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin Ltd. (NASDAQ: GRMN) today announced results for the quarter ended June 27, 2015.
Summary items for the quarter include:
Total revenue of $774 million in the second quarter of 2015 with fitness, outdoor, aviation and marine delivering 61% of total revenue and collectively growing 11% over the year ago quarter The relative strength of the US Dollar compared to other major currencies negatively impacted revenue by approximately $59 million, or 8%, in the second quarter of 2015 Gross and operating margins were 54% and 22%, respectively, and were... More