Garmin Reports Promising Second-Quarter Results

For the quarter that ended July 1, the company posted net income of $287.9 million, or $1.50 per diluted share, compared with $257.9 million, or $1.33 per diluted share, a year earlier. Sales rose to $1.32 billion from $1.24 billion.

The company, whose product lines include equipment for fitness, outdoor, automotive, and marine markets in addition to aviation, counted the release of its Autoland and autothrottle systems to the retrofit market among the period’s highlights. The company said the systems’ certification for certain Beechcraft King Air aircraft is “imminent.” Garmin’s Smart Glide also received a 2023 Readers’ Choice Award from FLYING.

“We returned to consolidated revenue growth in the second quarter with growth in three of our five segments, demonstrating the resilience of our diversified business model, said Cliff Pemble, Garmin’s president and CEO. “Our recent wearable launches have been well received, and we expect continued revenue growth throughout the remainder of the year.” 

For the six-month period, Garmin reported net income of $490 million, or $2.56 per diluted share compared with $469 million or $2.43 per diluted share during the same period in 2022. Sales rose to $2.47 billion from $2.41 billion.