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Garmin fiscal Q2 profit climbs 17.6% YOY

Garmin Ltd. said its normalized net income for the fiscal second quarter ended June 25 was 67 cents per share, compared with the S&P Capital IQ consensus estimate of 69 cents per share.

EPS increased 19.0% year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $127.5 million, an increase of 17.6% from $108.5 million in the prior-year period.

The normalized profit margin climbed to 15.7% from 14.0% in the year-earlier period.

Total revenue climbed on an annual basis to $811.6 million from $773.8 million, and total operating expenses came to $610.9 million, compared with $607.2 million in the prior-year period.

Reported net income increased 16.7% year over year to $161.0 million, or 85 cents per share, from $138.0 million, or 72 cents per share.