Garmin announces second quarter 2024 results
Company reports record second quarter revenue and raises full year guidance
Schaffhausen, Switzerland/July 31, 2024/PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the second quarter ended June 29, 2024.
Highlights for second quarter 2024 include:
- Consolidated revenue of $1.51 billion, a 14% increase compared to the prior year quarter
- Gross and operating margins were 57.3% and 22.7%, respectively
- Operating income of $342 million, a 20% increase compared to the prior year quarter
- GAAP EPS of $1.56 and pro forma EPS(1) of $1.58, representing 9% growth in pro forma EPS over the prior year quarter
- Shipped our one millionth domain controller to Auto OEM customers
- Garmin Health has supported over 1,000 research studies in areas such as sleep, well-being, rehabilitation and physical activity
- Surpassed 20,000 dedicated associates around the globe who are driving our growth and innovation
- Named one of the “Top 10 Best Workplaces for College Grads” on Forbes 2024 America’s Best Employers for New Grads
- Recognized as one of the “US News Best Companies to Work For” by US News & World Report
View the PDF for the full press release and financial statements.
About Garmin International, Inc.
Garmin International Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark.
All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 30, 2023, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contact
Investor Relations Contact: Teri Seck
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]
Media Relations Contact: Krista Klaus
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]
Public Company Information
NYSE: GRMN