It has been about a month since the last earnings report for Garmin (GRMN). Shares have added about 2.6% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Garmin due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Garmin’s Q2 Earnings & Revenues Surpass EstimatesGarmin Ltd. reported second-quarter 2020 pro-forma earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 38 cents. Moreover, the bottom line declined 21.6% on a year-over-year basis but remained flat sequentially.Net sales came in at $869.9 million, which surpassed the Zacks Consensus Estimate by 39.1%. However, the figure decreased 9% from the year-ago quarter. However, the top line increased 1.6% sequentially.Strong performance of the company’s fitness and marine segments drove year-over-year revenues.However, sluggishness in its aviation and auto segments remained a concern.Nevertheless, Garmin’s strong focus on innovation, diversification and market expansion to explore opportunities across all business segments remains a major positive.Segmental DetailsOutdoor (24% of net sales): The segment generated sales of $206.2 million during the reported quarter, which declined 2% year over year. The decrease was due to weakness in handhelds. However, the demand for adventure watches remained strong in the quarter.Fitness (34%): This segment generated sales of $294.6 million, which increased 17% from the year-ago quarter. This can be primarily attributed to its well-performing advanced wearables and cycling products.Aviation (15%): The segment generated sales of $126.1 million, declining 31% on a year-over-year basis.Marine (18%): Garmin generated sales of $157.8 million from this segment, which increased 4% on a year-over-year basis. The company witnessed solid momentum across chartplotters and advanced sonars during the reported quarter, which in turn drove the segment’s revenues.Auto (9%): This segment generated sales of $85.1 million, down 46% from the prior-year quarter. The decline was due to the coronavirus pandemic, which in turn significantly impacted driving activity and production of new vehicles.Revenues by GeographyAmericas: Garmin generated sales of $423.1 million (49% of net sales) from this region during the reported quarter, down 10% year over year.EMEA: This region generated second-quarter sales of $335.2 million (39% of net sales), down 1% on a year-over-year basis.APAC: The company generated sales of $111.6 million (12% of net sales), which declined 23% from the year-ago quarter.Operating ResultsSecond-quarter gross margin was 59.3%, which expanded 100 basis points (bps) from the year-ago period.The company’s operating expenses of $329.5 million were up 2.4% from the prior-year quarter. However, as a percentage of revenues, the figure expanded 420 bps year over year to 37.6%.Operating margin of 21.7% in the reported quarter declined 510 bps year over year.Balance Sheet & Cash FlowAs of June 30, 2020, cash, cash equivalents and marketable securities came in at $1.74 billion, higher than $1.44 billion on Mar 28, 2020.Inventories were $813.2 million compared with $790.2 million in the first quarter. We note that the company had no long-term debt in the reported quarter.Further, it generated $199.2 million of cash from operations during the reported quarter and free cash flow of $142.3 million.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates review. The consensus estimate has shifted 32.95% due to these changes.VGM ScoresCurrently, Garmin has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Garmin has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Garmin Ltd. (GRMN): Free Stock Analysis Report To read this article on Zacks.com click here.