- Garmin reported a second-quarter revenue of $1.51 billion, which is a 14% increase year-over-year. This beats the estimated revenue of $1.45 billion.
- The Fitness segment’s operating income was $108 million, showing a remarkable 98% increase year-over-year. This exceeds the estimated $62.3 million.
- The Outdoor segment recorded an operating income of $136 million, a slight decrease of 1.6% year-over-year. The estimate was $135.7 million.
- The Marine segment saw an operating income of $60 million, up 29% year-over-year. This outperforms the estimated $41.9 million.
- Analyst recommendations for Garmin include 1 buy, 6 holds, and 2 sells.
Garmin Ltd on Smartkarma
Analyst coverage of Garmin Ltd on Smartkarma reveals positive sentiments from Baptista Research. In one report titled “Garmin Ltd.: Engagement in Strategic Acquisitions and Investments In the Business! – Major Drivers,” the company reported strong results for its first quarter of 2024, experiencing a 20% increase in consolidated revenue to $1.38 billion. Multiple segments showed double-digit growth, with gross and operating margins also expanding year-over-year.
Another report by Baptista Research, titled “Garmin Ltd.: Initiation Of Coverage – What Is Its Biggest Competitive Advantage? – Major Drivers,” highlights the company’s strong growth in consolidated revenue and profit for Q4 2023. The report notes a 13% increase in revenue to nearly $1.5 billion, setting a new quarterly record. Three business segments within Garmin Ltd reported double-digit growth, showcasing a positive outlook for the company’s performance.
A look at Garmin Ltd Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 3 | |
| Growth | 4 | |
| Resilience | 5 | |
| Momentum | 5 | |
| OVERALL SMART SCORE | 3.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Garmin Ltd, a company specializing in navigation and communication devices utilizing GPS technology, has been assigned a range of Smart Scores reflecting its overall outlook. With a Growth score of 4, the company shows promise in expanding its products and services over the long term. Additionally, scoring high in Resilience and Momentum with 5s in both categories, Garmin demonstrates strong stability and positive market momentum, indicating favorable prospects for sustained growth.
While Garmin’s Value score is moderate at 2 and its Dividend score stands at 3, the company’s emphasis on growth, resilience, and momentum suggests a bright future lies ahead. Leveraging its expertise in GPS technology, Garmin Ltd is well-positioned to capitalize on emerging market opportunities, driving continued success in the navigation and communications sector.
Summary: Garmin Ltd. specializes in GPS-enabled navigation, communication, and information devices under its own brand name, positioning itself for steady growth and resilience in the market.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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