Garmin announced results for the second quarter ended June 29.
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
“Garmin delivered another impressive quarter of growth in both revenue and operating profit, made possible by an innovative product lineup and the strength of our diversified business model. We are pleased with our results so far in 2024, which have exceeded our expectations and give us confidence to raise our full year revenue and EPS guidance,” said Cliff Pemble, president and CEO of Garmin.
For additional information from the Garmin financial report, click here.