Garmin Ltd. (GRMN) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

www.garmin.com. An archive of the webcast and related transcript will also be available on our website. This earnings call includes projections and other forward-looking statements regarding Garmin Limited and its business. Any statements regarding our future financial position, revenues, segment growth rates, earnings, gross margins, operating margins, future dividends or share repurchases, market shares, product introductions, foreign currency, tariff impacts, Future demand for our products and plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this earnings call may not occur and actual results could differ materially as a result of risk factors affecting Garmin. Information concerning these risk factors is contained in our Form 10-Q and in our Form 10-K filed with the Securities and Exchange Commission. Presenting on behalf of Garmin Limited this morning are Cliff Pimble, President and Chief Executive Officer, and Doug Besson, Chief Financial Officer and Treasurer. At this time, I would like to turn the call over to Cliff Pimble. Thank you, Terry, and good morning, everyone. As announced earlier today, Garmin delivered another quarter of outstanding financial results with strong growth in consolidated revenue, operating profit, and earnings. Consolidated revenue increased 20%. exceeding $1.8 billion, which is a new second quarter record, and we experienced double-digit sales growth in every business segment. Gross and operating margins expanded to 58.8% and 26%, respectively, resulting in record second quarter operating income of $472 million, up 38% year-over-year, and Performa EPS of $2.17, up 37% year over year. Yesterday, we announced the acquisition of MyLabs, a global market leader in timing and pe...