Garmin Ltd. (NASDAQ: GRMN), a leading manufacturer of global positioning systems, reported higher revenues and earnings for the second quarter of 2023.
Total revenues increased 6% annually to $1.32 billion in the June quarter, mainly reflecting strong growth in the Aviation and Fitness segments.
Unadjusted net income was $287.9 million or $1.50 per share in the second quarter, compared to $257.9 million, or $1.33 per share in the year-ago quarter. Pro forma earnings moved up 1% year-over-year to $1.45 per share.
Cliff Pemble, CEO of Garmin, said, “Our recent wearable launches have been well received and we expect continued revenue growth throughout the remainder of the year.”
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