Garmin announces third quarter 2024 results
Company reports record third quarter consolidated revenue and operating income, and raises full year guidance
Schaffhausen, Switzerland/October 30, 2024/PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 28, 2024.
Highlights for third quarter 2024 include:
- Consolidated revenue of $1.59 billion, a 24% increase compared to the prior year quarter
- Gross and operating margins expanded to 60.0% and 27.6%, respectively
- Operating income of $437 million, a 62% increase compared to the prior year quarter
- GAAP EPS of $2.07 and pro forma EPS(1) of $1.99, representing 41% growth in pro forma EPS over the prior year quarter
- Launched the fēnix® 8 series and the Enduro™ 3 expanding our lineup of outdoor adventure watches
- Named 2024 Manufacturer of the Year by the National Marine Electronics Association for the 10th consecutive year, and received six Product of Excellence awards, for a total of 63 over the last decade
- Named the #1 Most Innovative Marine Company for the second consecutive year by Soundings Trade Only, a leading trade publication for the recreational boating industry
- Announced the strategic acquisition of Lumishore, a leader in marine LED lighting
- Co-founders, Dr. Min Kao and the late Gary Burrell, were enshrined in the National Aviation Hall of Fame
View the PDF for the full press release and financial statements.
About Garmin Ltd.
Garmin Ltd. (GRMN) is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, the Garmin logo, the Garmin delta, fēnix, G3000, GPSMAP, inReach, and JL Audio are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Enduro, Fusion Apollo, and GC are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 30, 2023, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contact
Investor Relations Contact: Teri Seck
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]
Media Relations Contact: Krista Klaus
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]
Public Company Information
NYSE: GRMN
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