NEW YORK (AP) -- Garmin Ltd. reported stronger-than-expected results for the second quarter on Wednesday, thanks to solid demand for its global positioning systems.
The Swiss company earned $185.9 million, or 95 cents per share, for the three months ended June 30. That was up 70 percent from $109.5 million, or 56 cents per share, in the same period a year earlier.
Excluding foreign currency exchange losses, Garmin earned 98 cents per share in the latest quarter.
Revenue rose 7 percent $718.2 million, from $674.1 million last year.
Analysts, on average, were expecting earnings of 67 cents per share, on revenue of $690.7 million, according to FactSet.
The company said its results were strong despite the difficult economy, with 3.9 million units sold during the quarter, up 4 percent from last year. Garmin reported sales gains in its automotive, outdoor, fitness and aviation segments. Only its marine segment saw revenue decline.
The gains reflected higher sales in the Americas, Europe, the Middle East and Africa. Revenue declined in Asia Pacific.
Chairman and CEO Min Kao said that despite the strong results, Garmin remains cautious looking forward because of wider economic issues.
The company narrowed its revenue guidance for the year. It now expects revenue of $2.75 billion to $2.8 billion. In February, it had forecast revenue of $2.7 billion to $2.8 billion.
Analysts were expecting revenue of $2.79 billion, with estimates ranging from $2.75 billion to $2.84 billion.
Shares jumped in early trading but gave back some gains by late in the session. Garmin shares added 47 cents to $39.08, after earlier spiking as high as $41.87.
