$佳明(GRMN)$ 第二季度财报：
Though officially missing consensus, Garmin's (GRMN -0.2%) Q2 results were within the guidance ranges provided in its July 16 warning, which was blamed on forex and fitness hardware price pressure/ad spend. The full-year guidance provided in the warning - EPS guidance was cut, revenue guidance was maintained - is reiterated.

Fitness revenue (smartwatches/fitness bands) rose only 5% Y/Y in Q2 to $158.6M, a notable slowdown from Q1's 31% and Q4's 70%. Garmin suggests year-ago inventory-building led to unfavorable comps. Auto division (PND) sales continued their long-term decline, falling 15% to $298.9M.

Marine sales were a strong point, rising 41% to $103.7M; both organic growth (fueled by new products) and the Fusion Electronics acquisition contributed. Outdoor sales rose 4% to $110.3M, and Aviation sales 5% to $102.3M.

Financials: Gross margin fell to 54% from Q1's 59% and Q2 2014's 57%. GAAP operating expenses rose 12% Y/Y to $252.6M. $41M was spent on buybacks. Garmin ended Q2 with over $2.4B in cash/investments, and no debt.