GARMIN LTD Reports FY 2023 Q2 Earnings Results for June 30, 2023

🌥️Earnings Overview

Garmin Ltd ($NYSE:GRMN) reported its financial results for the second quarter of fiscal year 2023, ending June 30 2023, on August 2 2023. Total revenue for the quarter increased 6.4% year-over-year to USD 1320.8 million, while net income rose 11.7% to USD 287.9 million.

Stock Price

GARMIN LTD reported its earnings results for the second quarter of fiscal year 2023 on Wednesday. The stock opened at $105.5 and closed at $107.7, representing an increase of 1.3% from the previous closing price of 106.4. Overall, GARMIN LTD’s second quarter results were strong and in line with analyst expectations. The company continues to focus on growth and innovation, and investors remain optimistic about the stock’s long-term prospects based on these results. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Garmin Ltd. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Garmin Ltd. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Garmin Ltd. More…

Key Ratios Snapshot

Some of the financial key ratios for Garmin Ltd are shown below. More…

Analysis

At GoodWhale, we have conducted a thorough financial analysis of GARMIN LTD, taking into account both its financial and business aspects. After a detailed assessment of the company’s financials, we have determined that GARMIN LTD is a medium risk investment. Additionally, our analysis of GARMIN LTD’s balance sheet revealed 1 risk warning. If you’re looking for more information about GARMIN LTD, be sure to register on goodwhale.com to access our comprehensive report. More…

Peers

Its competitors include NetApp Inc, Jiangsu Leike Defense Technology Co Ltd, and Red Cat Holdings Inc.

– NetApp Inc ($NASDAQ:NTAP)

NetApp Inc is a American multinational storage and data management company headquartered in Sunnyvale, California. It is a member of the NASDAQ-100 and S&P 500. The company was founded in 1992 with an initial public offering in 1995. NetApp offers a wide range of products and services for enterprise storage, including software-defined storage, flash storage, converged systems, data management, and more. The company has a market cap of $14.66B as of 2022 and a Return on Equity of 100.42%.

– Jiangsu Leike Defense Technology Co Ltd ($SZSE:002413)

Jiangsu Leike Defense Technology Co Ltd is a Chinese company that specializes in the development and manufacture of defense products. The company has a market cap of 6.76B as of 2022 and a Return on Equity of -4.34%. Jiangsu Leike Defense Technology Co Ltd’s products include missiles, armored vehicles, and other defense products. The company is headquartered in Nanjing, China.

– Red Cat Holdings Inc ($NASDAQ:RCAT)

Red Cat Holdings Inc is a development stage company that focuses on acquiring, developing, and commercializing technology in the field of 3D printing. The company was founded in 2013 and is headquartered in Vancouver, Canada.

Red Cat has a market cap of $76.86M as of 2022 and a ROE of -11.27%. The company focuses on acquiring, developing, and commercializing technology in the field of 3D printing.

Summary

GARMIN LTD has had a strong second quarter in FY 2023, with total revenue up 6.4% and net income up 11.7%, reaching USD 1320.8 million and USD 287.9 million respectively. This marks an impressive turnaround from the same quarter last year, indicating a healthy growth for GARMIN LTD. The strong figures make GARMIN LTD a strong investment choice for investors looking to take advantage of the company’s continued success. With an impressive market presence and reliable financials, GARMIN LTD is a great long-term investment for those looking to Park their money in a safe and profitable stock.