GRMN - Garmin GAAP EPS of $1.50 beats by $0.13 revenue of $1.32B beats by $60M
2023-08-02 07:07:52 ET
- Garmin press release ( NYSE: GRMN ): Q2 GAAP EPS of $1.50 beats by $0.13 .
- Revenue of $1.32B (+6.5% Y/Y) beats by $60M .
- Gross margin and operating margin were 57.5%, and 21.5%
- Operating income was $284 million, a 3% decrease compared to the prior year quarter
- GAAP EPS was $1.50 and pro forma EPS (1) was $1.45, representing 1% growth in pro forma EPS over the prior year quarter
- Launched the epix Pro series in three sizes, all with bright AMOLED displays and a built-in LED flashlight
- Recently announced our revolutionary Autoland and Autothrottle to the retrofit market with the imminent certification in select Beechcraft King Air aircraft
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2023 Fiscal Year Guidance: Anticipates revenue of approximately $5.05 billion and pro forma EPS of $5.15 based on gross margin of 57.2%, operating margin of 20.0% and a full year effective tax rate of 8.5%
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Garmin GAAP EPS of $1.50 beats by $0.13, revenue of $1.32B beats by $60M