Garmin Reveals Financial Performance for Q2 2024

Garmin Reports Impressive Growth in Q2 2024: Highlights and Achievements

Schaffhausen, Switzerland/July 31, 2024/PR Newswire – Garmin® Ltd. (NYSE: GRMN) has released its financial results for the second quarter ending June 29, 2024. The company has shown significant growth and marked several milestones during this period.

Key Highlights of Q2 2024:

1. Revenue Growth: Garmin reported consolidated revenue of $1.51 billion for Q2 2024, reflecting a 14% increase compared to the same quarter last year. This growth is a testament to the company’s strength and expanding market presence.
2. Profit Margins: The gross margin stood at 57.3%, while the operating margin was 22.7%. These figures indicate efficient cost management and robust operational performance.
3. Operating Income: The operating income reached $342 million, marking a 20% increase from the previous year’s second quarter. This increase is a clear indicator of the company’s growing profitability.
4. Earnings Per Share (EPS): The Generally Accepted Accounting Principles (GAAP) EPS was reported at $1.56, while the pro forma EPS, which provides a clearer picture by excluding one-time items, was $1.58. This represents a 9% growth in pro forma EPS year-over-year.
5. Automotive Milestone: Garmin shipped its one millionth domain controller to automotive original equipment manufacturer (OEM) customers. Domain controllers are crucial components in modern vehicles, managing various electronic systems.
6. Garmin Health: The Garmin Health division has supported over 1,000 research studies focusing on areas such as sleep, well-being, rehabilitation, and physical activity. This highlights Garmin’s commitment to leveraging technology for health and wellness.
7. Workforce Expansion: The company has surpassed the milestone of 20,000 dedicated associates worldwide. These employees are instrumental in driving Garmin’s growth and innovation.
8. Workplace Recognition: Garmin was named one of the “Top 10 Best Workplaces for College Grads” by Forbes in its 2024 America’s Best Employers for New Grads list. Additionally, it was recognized as one of the “US News Best Companies to Work For” by US News & World Report.

   For a detailed financial breakdown, you can view the full press release and financial statements here.

   About Garmin International, Inc.
   

   Garmin International Inc. operates as a subsidiary of Garmin Ltd. (NYSE: GRMN). Incorporated in Switzerland, Garmin Ltd. has its principal subsidiaries located in the United States, Taiwan, and the United Kingdom. Garmin is a well-known brand in the field of navigation and wearable technology.

   Forward-Looking Statements
   

   This release contains forward-looking statements about Garmin Ltd. and its business. These statements are based on the current expectations of Garmin’s management. However, there are risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, those listed in Garmin’s Annual Report on Form 10-K for the year ended December 30, 2023, filed with the Securities and Exchange Commission (Commission file number 0001-411180). The Form 10-K is available here. Garmin does not undertake any obligation to update forward-looking statements to reflect new information or future events.

   Contact Information
   

   For further details, you can reach out to:

   • Investor Relations Contact:
     Teri Seck
     Garmin International, Inc.
     Phone: 913-397-8200
     Email: [email protected]

   • Media Relations Contact:
     Krista Klaus
     Garmin International, Inc.
     Phone: 913-397-8200
     Email: [email protected]

     Public Company Information:

   • NYSE: GRMN
     

     Additional Insights and Industry Reactions
     

     Garmin’s impressive performance in Q2 2024 has not gone unnoticed in the industry. Analysts have praised the company’s ability to grow revenue and profitability despite global economic uncertainties. The shipment of the one millionth domain controller is particularly noteworthy, as it underscores Garmin’s significant role in the automotive sector.

     Moreover, Garmin Health’s involvement in over 1,000 research studies highlights the potential of wearable technology in enhancing health outcomes. This division’s work in areas such as sleep and physical activity is particularly relevant as consumers become more health-conscious.

     The recognition as a top workplace for college graduates and a best company to work for further solidifies Garmin’s reputation as an employer of choice. This is crucial for attracting top talent, which in turn drives innovation and growth.

     Conclusion
     

     Garmin’s second-quarter performance in 2024 reflects its strong market position and operational efficiency. With significant revenue growth, improved profit margins, and strategic milestones, the company is well-positioned for future success. The recognition as a top employer also bodes well for its ability to retain and attract talent, which is essential for sustained innovation and growth.

     As Garmin continues to expand its footprint in various sectors, including automotive and health, it remains a company to watch in the tech industry. For investors, employees, and consumers, Garmin’s ongoing achievements and strategic initiatives offer promising prospects for the future.

For more Information, Refer to this article.