Garmin Raises FY21 Outlook

(RTTNews) - Technology company Garmin Ltd.(GRMN) on Wednesday lifted its full year 2021 outlook. The company now expects annual pro forma earnings per share to be around $5.50, higher than the earlier projected $5.15.

Fiscal 2021 revenues are now expected to be around $4.9 billion, up from $4.6 billion as per earlier estimates.

On average, 10 analysts polled by Thomson Reuters expect the company to post earnings of $5.43 per share on revenues of $4.71 billion in the year ahead. For full year 2021, the company also expects a gross margin of approximately 58.5 percent, operating margin of around 23.8 percent respectively.

In the second quarter, the company reported earnings of $316.99 million or $1.64 per share. This compares with $184.18 million, or $0.96 per share, in last year's second quarter.

Excluding items, Garmin Ltd reported adjusted earnings of $323.24 million or $1.68 per share for the period.

Analysts had expected the company to earn $1.26 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 51.7 percent to $1.32 billion from $869.87 million last year.