GARMIN LTD Reports Second Quarter Earnings Results for FY2023
August 9, 2023
🌥️Earnings Overview
On August 2 2023, GARMIN LTD ($NYSE:GRMN) revealed their financial results for the second quarter of the fiscal year 2023, ending on June 30 2023. The total revenue for the quarter was USD 1320.8 million, which is a 6.4% rise from the same quarter in the previous year. Moreover, net income was up 11.7% to USD 287.9 million compared to last year.
Price History
The company opened at $105.5 and closed at $107.7, up by 1.3% from the previous closing price of 106.4. Overall, it was a positive quarter for Garmin Ltd, with revenue and earnings increasing over the same period last year. The company’s strong financial performance is a testament to its innovative products and services, as well as its successful digital strategies. Looking ahead, the company expects more growth in revenue as it continues to expand into new markets. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Garmin Ltd. More…
| Total Revenues | Net Income | Net Margin |
| 4.92k | 994.39 | 19.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Garmin Ltd. More…
| Operations | Investing | Financing |
| 1.08k | 181.9 | -920.65 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Garmin Ltd. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 7.87k | 1.75k | 31.98 |
Key Ratios Snapshot
Some of the financial key ratios for Garmin Ltd are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 9.3% | 3.0% | 20.1% |
| FCF Margin | ROE | ROA |
| 17.6% | 9.9% | 7.8% |
Analysis
GoodWhale conducted an analysis of GARMIN LTD‘s wellbeing. According to Star Chart GARMIN LTD is classified as a ‘cow’, which is a type of company that is likely to pay out consistent and sustainable dividends. This makes GARMIN LTD an attractive option for investors looking for a steady income stream from their investments. The company scored an impressive 10/10 in terms of health, which means that it is well-equipped to handle any financial crisis without the risk of bankruptcy. Other indicators, such as its asset, dividend and profitability, were all strong, while its growth rate was assessed as medium. All in all, GARMIN LTD appears to be a strong and reliable investment option for those looking for steady returns and a reliable income stream. 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‘s second quarter earnings for FY2023 were encouraging, with total revenue increasing 6.4% year over year and net income up 11.7%. Analysts will be looking at whether this positive trend will continue in the third quarter and beyond. Investors should focus on the company’s margins, as well as the balance sheet and cash flow to assess the strength of the company’s financials.
Additionally, investors should monitor the competitive landscape and global economic conditions to gauge the international demand for GARMIN’s products and services. Overall, the increased profitability indicates that GARMIN Ltd may be well-positioned for future growth.
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