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Garmin Q2 revenue increases 53%

Published July 28, 2021

OLATHE, Kan. (BRAIN) — With double-digit growth in all categories, Garmin Ltd. reported second-quarter total revenue increased 53% year-over-year.

Total revenue for the quarter ending June 26 was $1.33 billion, up from $870 million from the same time last year. Fitness revenue, which includes cycling product sales, jumped 40%, from $295 million to $413 million. The fitness category was boosted by the launch of the Forerunner 945 LTE and Forerunner 55 running smartwatches, the company said.

"Strong demand for active lifestyle products continued, and we experienced solid recovery within our aviation and auto segments resulting in record revenue and profits in the second quarter," said Cliff Pemble, Garmin's president and CEO. "We are very pleased with the results we have delivered thus far, giving us confidence to raise our full-year 2021 revenue and EPS guidance."

Net income was $317 million, compared with $184 million in Q2 last year. Earnings per share went up from $0.96 to $1.65.

Because of its first-half performance, Garmin updated full-year guidance, anticipating revenue of about $4.9 billion with projected growth in all segments.

Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quote at

Topics associated with this article: Earnings/Financial Reports

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