Record-Breaking Revenue and Growth
Garmin Ltd. delivered another quarter of outstanding financial results with consolidated revenue increasing 20% to exceed $1.8 billion, setting a new second-quarter record. Operating income also reached a record $472 million, up 38% year over year.
Strong Performance Across Segments
Double-digit sales growth was experienced in every business segment, with fitness leading at 41% growth, outdoor at 11%, aviation at 14%, marine at 10%, and auto OEM at 16%.
Notable Acquisitions and Product Innovations
Garmin Ltd. announced the acquisition of MyLabs, enhancing their market in timing and performance analysis. New products like the Forerunner 570, Forerunner 970, Venu X1, and others were launched, contributing to strong financial performance.
Updated Full-Year Guidance
Garmin Ltd. updated its full-year revenue guidance to approximately $7.1 billion and pro forma EPS of $8 per share, reflecting confidence in continued strong performance.