Garmin Q2 2021 Earnings Report
Key Takeaways
Garmin Ltd. announced record second quarter revenue and operating income, with total revenue of $1.33 billion, a 53% increase over the prior year quarter, and operating income of $371 million, a 97% increase over the prior year quarter. Strong demand for active lifestyle products continued, and the company experienced solid recovery within its aviation and auto segments.
Total revenue of $1.33 billion, a 53% increase over the prior year quarter with double-digit growth in all segments
Gross margin of 58.8% compared to 59.3% in the prior year quarter
Operating margin improved to 28.0% compared to 21.7% in the prior year quarter
GAAP EPS was $1.64 and pro forma EPS was $1.68, representing 85% growth in pro forma EPS over the prior year quarter
Garmin
Garmin
Garmin Revenue by Segment
Garmin Revenue by Geographic Location
Forward Guidance
Based on the strong performance in the first half of 2021, the company is updating its full year guidance. They now anticipate revenue of approximately $4.9 billion with projected growth in all segments and anticipate full year pro forma EPS will be approximately $5.50.
Positive Outlook
- Anticipate revenue of approximately $4.9 billion
- Projected growth in all segments
- Gross margin of approximately 58.5%
- Operating margin of approximately 23.8%
- Full year pro forma effective tax rate of approximately 11.5%
Revenue & Expenses
Visualization of income flow from segment revenue to net income