Garmin Ltd. (Nasdaq: GRMN) has announced results for the second quarter ended July 1, 2017, the company said.
Highlights for the second quarter 2017 include:
Total revenue of USD 817 million, growing 1% over the prior year, with outdoor, aviation, marine and fitness collectively growing 8% over the prior year quarter and contributing 74% of total revenue;
Gross margin improved to 58.5% compared to 57.0% in the prior year quarter
Operating margin improved to 24.9% compared to 24.7% in the prior year quarter;
Operating income was USD 203 million, growing 1% over the prior year quarter
The aviation segment posted revenue growth of 15%, driven primarily by strong aftermarket sales and positive contributions from OEM product categories. Gross and operating margins were strong at 75% and 32%, respectively, resulting in 28% operating income growth.