Garmin Ltd. Reports Earnings Results for the Second Quarter and Six Months Ended June 25, 2022
July 27, 2022 at 07:00 am EDT
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Garmin Ltd. reported earnings results for the second quarter and six months ended June 25, 2022. For the second quarter, the company reported sales was USD 1,240.83 million compared to USD 1,326.91 million a year ago. Net income was USD 257.87 million compared to USD 317 million a year ago. Basic earnings per share from continuing operations was USD 1.34 compared to USD 1.65 a year ago. Diluted earnings per share from continuing operations was USD 1.33 compared to USD 1.64 a year ago.
For the six months, sales was USD 2,413.5 million compared to USD 2,399.23 million a year ago. Net income was USD 469.46 million compared to USD 537.03 million a year ago. Basic earnings per share from continuing operations was USD 2.43 compared to USD 2.8 a year ago. Diluted earnings per share from continuing operations was USD 2.43 compared to USD 2.78 a year ago.
Garmin Ltd. is one of the world's leaders in designing, producing, and marketing satellite geopositioning systems (GPS). The activity is organized around two families of products:
- marine and land geopositioning systems: tracers and sensors, pocket assistants, automobile guidance systems, sporting equipment (equipped with detectors for speed, distance traveled, heart rate, etc.);
- aerial geopositioning equipment: high-frequency communication transmitters, aerial display products, digital transponders (for transmitting altitude and flight number, broadcast by towers and control radar systems), beacon receivers, audio panels, etc.
Net sales break down by area of activity between outdoor activities (32.5%), sports and fitness (25.7%), marine (17.5%), aviation (16.2%), and automotive (8.1%).
At the end of 2023, the group had 9 production sites located in the United States (3), Taiwan (3), China, the Netherlands, and Poland.
Net sales are distributed geographically as follows: Americas (50%), Europe/Middle East/Africa (34%) and Asia/Pacific (16%).
GARMIN LTD. 
