Garmin posts double-digit increase in Q2

Garmin recently announced results for the second quarter ended June 29, 2024, which the company said it posted a consolidated revenue of $1.51 billion during, a 14% increase year-over-year.

“Garmin delivered another impressive quarter of growth in both revenue and operating profit, made possible by an innovative product lineup and the strength of our diversified business model,” said Cliff Pemble, President and Chief Executive Officer of Garmin. “We are pleased with our results so far in 2024, which have exceeded our expectations and give us confidence to raise our full year revenue and EPS guidance.”

Revenue from the marine segment increased 26% in the second quarter, which Garmin said was primarily driven by the acquisition of JL Audio. Gross and operating margins were 54% and 22%, respectively, resulting in $60 million of operating income.

The full quarter results for Garmin can be found in the company’s earnings report.