Garmin Loses Its Way. The Stock Falls After Guidance Is Slashed.

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Navigation device maker

Garmin

 is now less upbeat about its future.

Garmin

(ticker: GRMN), which makes autopilot systems that can self-land planes among other things, lowered its expectation for full-year earnings and revenue when it released its quarterly results Wednesday.

Its full-year adjusted earnings are anticipated to be $4.90 per share, a fall from the $5.90 it predicted in February and reaffirmed in April. The consensus among analysts was for $5.86 per share, according to FactSet.

The company now anticipates revenue of approximately $5 billion, an estimate that also fell short of management’s previous guidance and the $5.37 billion consensus on the Street.

Shares fell by 8.6% to $93.85 during Wednesday’s intraday trading.

Garmin said the guidance was adjusted due to its performance in the first half of the year. The tech company generated adjusted earnings of $1.44 per share on revenue of $1.24 billion in the latest quarter, which ended in June. Analysts were expecting $1.44 per share on $1.34 billion revenue.

Write to Karishma Vanjani at [email protected]