Garmin Ltd. (GRMN) Tops Q2 EPS by 15c, Updates Guidance

Garmin Ltd. (NYSE: GRMN) reported Q2 EPS of $1.58, $0.15 better than the analyst estimate of $1.43. Revenue for the quarter came in at $1.51 billion versus the consensus estimate of $1.41 billion.

GUIDANCE:

Garmin Ltd. sees FY2024 EPS of $6.00, versus the consensus of $5.75. Garmin Ltd. sees FY2024 revenue of $5.95 billion, versus the consensus of $5.88 billion.

• Based on our performance in the first half of 2024, we are adjusting our full year guidance. We now anticipate revenue of approximately $5.95 billion and pro forma EPS of $6.00 based on gross margin of 57.0%, operating margin of 21.3% and a full year effective tax rate of 16.0% (see attached discussion on Forward-looking Financial Measures).

For earnings history and earnings-related data on Garmin Ltd. (GRMN) click here.

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