Garmin announces second quarter 2024 results

SCHAFFHAUSEN, Switzerland, July 31, 2024 — (PRNewswire) — 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

 

(In thousands, except per share information)


13-Weeks Ended



26-Weeks Ended




June 29,



July 1,



YoY



June 29,



July 1,



YoY




2024



2023



Change



2024



2023



Change


Net sales


$

1,506,671



$

1,320,795



14 %



$

2,888,320



$

2,468,219



17 %


      Fitness



428,404




334,863



28 %




771,296




579,584



33 %


      Outdoor



439,872




448,114



(2) %




806,065




776,776



4 %


      Aviation



218,253




217,454



0 %




435,108




431,036



1 %


      Marine



272,953




215,802



26 %




599,689




494,777



21 %


      Auto OEM



147,189




104,562



41 %




276,162




186,046



48 %



























Gross margin %



57.3

%



57.5

%







57.6

%



57.2

%






























Operating income %



22.7

%



21.5

%







22.2

%



19.5

%






























GAAP diluted EPS


$

1.56



$

1.50



4 %



$

2.99



$

2.56



17 %


Pro forma diluted EPS (1)


$

1.58



$

1.45



9 %



$

3.00



$

2.47



21 %



























(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS



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