Garmin Q2 2024 Earnings Report
Key Takeaways
Garmin announced strong Q2 2024 results with a 14% increase in consolidated revenue to $1.51 billion and a 20% increase in operating income to $342 million. The company's performance exceeded expectations, leading to an upward revision of the full-year revenue and EPS guidance.
Consolidated revenue increased by 14% year-over-year, reaching $1.51 billion.
Gross margin was 57.3% and operating margin was 22.7%.
Operating income grew by 20% compared to the prior year quarter, totaling $342 million.
GAAP EPS was $1.56, and pro forma EPS was $1.58, a 9% increase 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 performance in the first half of 2024, the company is adjusting full year guidance and now anticipates revenue of approximately $5.95 billion and pro forma EPS of $6.00.
Positive Outlook
- Revenue of approximately $5.95 billion
- Pro forma EPS of $6.00
- Gross margin of 57.0%
- Operating margin of 21.3%
- Full year effective tax rate of 16.0%
Revenue & Expenses
Visualization of income flow from segment revenue to net income