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Investing.com -- Garmin Ltd . (NYSE:GRMN) shares surged 5.4% on Wednesday after the company reported second-quarter results that significantly exceeded analyst expectations and raised its full-year guidance, driven by strong demand across all business segments.
The navigation and wearable technology company posted adjusted earnings of $2.17 per share for the second quarter, handily beating the analyst consensus of $1.86.
Revenue reached a record $1.81 billion, surpassing the $1.7 billion estimate and marking a 20% increase YoY.
"We delivered another quarter of outstanding financial results with double-digit growth in every segment, driven by our strong lineup of innovative and highly differentiated products that customers desire," said Cliff Pemble, President and CEO of Garmin.
The fitness segment led growth with a 41% revenue increase, while outdoor, aviation, marine, and auto OEM segments grew by 11%, 14%, 10%, and 16% respectively.
Gross margin expanded to 58.8% from 57.3% in the prior year quarter, while operating margin improved to 26.0% from 22.7%.
Following the strong performance, Garmin raised its full-year 2025 outlook, now expecting revenue of approximately $7.1 billion and adjusted EPS of $8.00, based on a gross margin of 58.5% and operating margin of 24.8%.
During the quarter, the company launched several new products, including the next-generation Forerunner 570 and 970 watches with advanced training features, and SmartCharts, which the company describes as the first dynamic, data-driven aviation charts tailored to simplify terminal procedures for pilots.
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