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 |
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| 26-Weeks Ended |
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| June 29, |
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| July 1, |
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| YoY |
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| June 29, |
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| July 1, |
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| YoY |
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| 2024 |
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| 2023 |
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| Change |
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| 2024 |
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| 2023 |
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| Change |
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Net sales |
| $ | 1,506,671 |
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| $ | 1,320,795 |
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| 14 % |
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| $ | 2,888,320 |
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| $ | 2,468,219 |
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| 17 % |
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Fitness |
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| 428,404 |
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| 334,863 |
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| 28 % |
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| 771,296 |
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| 579,584 |
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| 33 % |
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| Outdoor |
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| 439,872 |
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| 448,114 |
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| (2) % |
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| 806,065 |
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| 776,776 |
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| 4 % |
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| Aviation |
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| 218,253 |
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| 217,454 |
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| 0 % |
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|
| 435,108 |
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| 431,036 |
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| 1 % |
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| Marine |
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| 272,953 |
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| 215,802 |
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| 26 % |
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| 599,689 |
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| 494,777 |
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| 21 % |
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| Auto OEM |
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| 147,189 |
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| 104,562 |
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| 41 % |
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| 276,162 |
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| 186,046 |
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| 48 % |
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| Gross margin % |
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| 57.3 | % |
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| 57.5 | % |
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| 57.6 | % |
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| 57.2 | % |
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| Operating income % |
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| 22.7 | % |
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| 21.5 | % |
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| 22.2 | % |
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| 19.5 | % |
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| GAAP diluted EPS |
| $ | 1.56 |
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| $ | 1.50 |
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| 4 % |
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| $ | 2.99 |
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| $ | 2.56 |
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| 17 % |
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| Pro forma diluted EPS (1) |
| $ | 1.58 |
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| $ | 1.45 |
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| 9 % |
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| $ | 3.00 |
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| $ | 2.47 |
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| 21 % |
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| (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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