Garmin Reports Q2 Revenue of $1.51 Billion and EPS of $1.56, Raises Full-Year Forecast Amid 14% Growth

Garmin Ltd. reported strong financial results for the second quarter of 2024, with consolidated revenue reaching $1.51 billion, marking a 14% increase compared to the same period last year. The company's gross and operating margins stood at 57.3% and 22.7%, respectively, while operating income rose to $342 million, reflecting a 20% increase year-over-year. Garmin's earnings per share (EPS) was reported at $1.56, slightly below some estimates of $1.58. Additionally, the company experienced significant growth in its fitness segment, with revenue climbing 28% to $428.4 million. Following these results, Garmin raised its full-year revenue forecast, driven by strong demand for its navigation devices and product launches.