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Garmin profit misses consensus by 20.7% in fiscal Q2

Garmin Ltd. said its normalized net income for the fiscal second quarter ended June 27 amounted to 57 cents per share, compared with the S&P Capital IQ consensus estimate of 71 cents per share.

EPS declined 15.4% year over year from 67 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $108.5 million, a decline of 16.9% from $130.4 million in the year-earlier period.

The normalized profit margin fell to 14.0% from 16.8% in the year-earlier period.

Total revenue came to $773.8 million, compared with $777.8 million in the prior-year period, and total operating expenses increased 8.6% on an annual basis to $607.2 million from $559.1 million.

Reported net income decreased 23.9% year over year to $138.0 million, or 72 cents per share, from $181.3 million, or 93 cents per share.