Garmin Reports Promising Second-Quarter Results

Company identifies growth of its Autoland and Autothrottle systems as highlights for the period.

Wednesday, August 02, 2023 at 06:32 PM ET

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A student pilot cannot legally act as a safety pilot for required instrument flight rules (IFR) practice because federal regulations prohibit them from serving as a required flight crew member. [Credit: Shutterstock]

Key Takeaways:

Garmin reported strong second-quarter financial results, with an 11% increase in net income and a 6.5% rise in sales.
Key product highlights include the release of Autoland and autothrottle systems for the retrofit market and Smart Glide receiving a 2023 Readers’ Choice Award.
The company's CEO attributed the growth to its diversified business model and successful wearable launches, expecting continued revenue growth.

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Garmin Ltd. (NYSE: GRMN) on Wednesday announced its second-quarter results that included an 11 percent increase in net income and a 6.5 percent rise in sales.

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.