Garmin achieves record revenue.

Garmin Ltd. (NYSE: GRMN) has just announced impressive Q2 2024 business results with consolidated revenue increasing 14% to $1.51 billion year-on-year (as of June 29, 2024). Garmin has also achieved significant growth in the Vietnamese market.

Garmin has recorded strong growth across multiple segments.

This is a record quarterly revenue figure, marking the fourth consecutive quarter of double-digit revenue growth, and the results not only reflect Garmin's strength in the competitive market but also demonstrate the sustainable growth of this technology corporation.

Garmin has a long history of products related to navigation and sports.

In the second quarter, Garmin's operating profit reached $342 million, a 20% increase year-over-year. Earnings per share (EPS) under GAAP standards reached $1.56, and pro-forma EPS reached $1.58, a 9% increase year-over-year. These figures demonstrate Garmin's strong operational efficiency and cost-effectiveness.

Cliff Pemble, President and CEO of Garmin Ltd., shared: “Garmin is very proud to report impressive growth this quarter in both revenue and operating profit. This achievement has exceeded our expectations and provides a foundation for Garmin to raise its revenue and EPS forecasts for the entire year 2024.”

The group has recorded strong growth across multiple segments. Notably, revenue from the fitness segment increased 28% in the second quarter, reaching $428 million, driven by significant growth in wearable devices.

The marine segment also recorded strong growth of 26% thanks to the acquisition of JL Audio, combined with an expanded product portfolio including the Force Kraken and Panoptix PS-22 Ice Fishing Bundle. The automotive OEM sector saw a boom with a 41% increase in revenue, primarily driven by the development of domain controllers.

In addition to revenue growth, Garmin also recorded positive results in operational efficiency, with a gross profit margin of 57.3% and an operating profit margin of 22.7%, demonstrating the company's effective cost management and sustainable development.

Garmin not only focuses on developing products to boost sales, but also invests heavily in its people, nurturing over 19,000 employees globally with comprehensive benefits. Recently, the corporation ranked second on Forbes magazine's 2024 list of "America's Top Employers."

Garmin continues to strengthen its leading position in the sports industry with the launch of the Edge 1050 – a next-generation premium cycling computer that will help cyclists improve their speed and experience through powerful, innovative features. Along with upgraded Group Ride features such as hazard alerts and incident detection, the ability to connect with teammates' messages and location provides safety, connectivity, and an enhanced group cycling experience throughout the journey.

This is also the first cycling computer to feature Garmin Pay one-touch payment technology, allowing users to conveniently stop for meals and rest along the way and pay directly using the Edge 1050.

The device boasts a smooth, sharp touchscreen display—the best in the Edge line—along with an aerodynamic design, superior navigation, enhanced performance tracking, smart connectivity, on-device route creation, and many other useful features.

The Edge 1050 officially went on sale on August 16, 2024, at Garmin.com.vn online store, Garmin brand stores in Ho Chi Minh City, Hanoi , Da Nang, Nghe An, Vung Tau, and Garmin's authorized retail chains and dealers nationwide, priced at VND 19,990,000.

Garmin brand stores are located in many provinces and cities.

In the Vietnamese market, Garmin has also achieved significant progress. As of January 2024, Garmin recorded impressive growth, with the number of Garmin users reaching over 330,000 nationwide, solidifying its position in the smart wearable market.

The Lily 2 fashion watch is creating excitement among Vietnamese users.

This success is the "sweet fruit" of active operations throughout the year, such as the launch of the Forerunner 165 GPS running watch, the Lily 2 fashion watch, the expansion of brand stores across shopping malls and key cities, and the expansion of Garmin Pay payment solution partnerships with many major banks.

KIM THANH

Source: https://www.sggp.org.vn/garmin-voi-doanh-thu-ky-luc-post754748.html