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Garmin lifts FY'19 EPS outlook

Garmin Ltd. on July 31 raised its outlook for fiscal 2019 as it reported financial results for the second quarter ended June 29.

The navigation-device maker now expects full-year pro forma EPS to come in at $3.90, up from the previous forecast of $3.70. Revenue for the full year is expected to total $3.6 billion, up from the prior outlook of $3.5 billion.

For the second quarter, the company's pro forma diluted EPS was $1.16, up 17% from 99 cents in the year-ago period and higher than the S&P Global Market Intelligence mean consensus estimate for normalized EPS of $1.01.

Net sales rose 7% to $954.8 million from $894.5 million in the prior-year period.