KANSAS CITY – Garmen Ltd. posted net income of 95 cents per share in the second quarter 2012, a spike of nearly 70 percent over the same period last year. The Olathe, Kan.-based maker of navigation devices reported revenues of $718 million, up seven percent over the second quarter 2011.
Garmin said it expanded its market share of personal navigation devices by 70 percent in the U.S. and sold 3.9 million units in the second quarter, an increase of four percent from last year. The product line with the most growth for Garmin came from its outdoor segment, which includes golfing devices, wrist watches, and gadgets that track and train dogs.
Garmin CEO Kevin Rauckman said the company was happy with its performance for the first half of the year, but the “macroeconomic situation creates some level of uncertainty.” Still, Garmin revised its net income expectations to $2.70-$2.85 per share. Garmin’s net income for fiscal year 2011 was $2.68 per share, according to Bloomberg.
As of late afternoon Garmin’s stock was trading at $40.35 per share, up 2.49 percent from Wednesday’s close and up more than 12.5 percent from last week’s low of $35.84 per share.