Garmin with record revenue

Garmin Ltd. (NYSE: GRMN) has just announced impressive business results for the second quarter of 2024 with consolidated revenue increasing 14% to $1.51 billion compared to the same period last year (as of June 29, 2024). In the Vietnamese market, Garmin has also achieved many outstanding developments.

Garmin has recorded strong growth across multiple segments.

This is a record quarterly revenue, marking the fourth consecutive quarter of double-digit revenue growth, and the results not only reflect Garmin's strength in a competitive market but also demonstrate the sustainable development of this technology group.

Garmin with a wealth of products related to navigation and sports

Garmin’s operating income in the second quarter was $342 million, up 20% year over year. GAAP earnings per share (EPS) were $1.56 and pro forma EPS was $1.58, up 9% year over year. These figures demonstrate Garmin’s operating efficiency and ability to operate at a reasonable cost.

“Garmin is proud to report strong growth in both revenue and operating profit this quarter, which exceeded our expectations and has led us to raise our full-year 2024 revenue and EPS guidance,” said Cliff Pemble, president and CEO of Garmin Ltd.

The company has seen strong growth across multiple segments. Notably, revenue from its fitness segment increased 28% in the second quarter to $428 million, driven by significant growth in wearables.

The marine segment also saw strong growth of 26% thanks to the acquisition of JL Audio, combined with an expanded product portfolio that included the Force Kraken and Panoptix PS-22 Ice Fishing Bundle. The automotive OEM sector saw a boom with revenue increasing 41%, largely due to the growth of domain controllers.

In addition to revenue growth, Garmin also recorded positive results in operational efficiency, with gross profit margin reaching 57.3% and operating profit margin reaching 22.7%, demonstrating the company's effective cost management and sustainable development.

Garmin not only develops products to boost sales, but also focuses on investing in people, nurturing more than 19,000 employees globally with comprehensive benefits. Recently, the group ranked second in the list of “America’s Best Large Employers” in 2024 voted by Forbes magazine.

Garmin continues to strengthen its leadership in the sport with the introduction of the Edge 1050 – a new generation of premium cycling computers that will help riders improve their speed and experience through powerful enhancements. Along with Group Ride upgrades such as receiving hazard warnings or detecting incidents on the road, connecting messages and teammate locations to provide safety, connection and an enhanced group riding experience throughout the journey.

This is also the first bike computer to feature Garmin Pay one-touch payment technology, so users can now comfortably stop for food and drinks, rest on the road and pay directly with Edge 1050.

The device has a smooth touch screen, the sharpest display in the Edge line with an aerodynamic design and superior navigation capabilities, advanced performance tracking, smart connectivity, even creating routes right on the device, and many other useful features.

Edge 1050 has been officially on sale since August 16, 2024 at the Garmin.com.vn online store, Garmin Brand stores in Ho Chi Minh City, Hanoi and Da Nang, Nghe An, Vung Tau and Garmin retail chains and authorized dealers nationwide for 19,990,000 VND.

Garmin brand stores cover many provinces and cities

In the Vietnamese market, Garmin has also achieved many outstanding developments. As of January 2024, Garmin has recorded impressive growth when the number of Garmin users reached more than 330,000 people nationwide, affirming its solid position in the smart wearable device market.

Lily 2 fashion watch creates excitement for Vietnamese users

This success is the “sweet fruit” obtained from active activities during the year such as launching the GPS running watch Forerunner 165, fashion watch Lily 2, expanding brand stores across shopping malls, or many key cities as well as expanding cooperation with Garmin Pay payment solutions with many major banks.

KIM THANH

Source: https://www.sggp.org.vn/garmin-voi-doanh-thu-ky-luc-post754748.html