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 EnduroTM 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
(In thousands, except per share information) |
| 13-Weeks Ended |
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| 39-Weeks Ended |
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| September 28, |
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| September 30, |
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| YoY |
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| September 28, |
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| September 30, |
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| YoY |
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| 2024 |
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| 2023 |
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| Change |
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| 2024 |
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| 2023 |
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| Change |
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Net sales |
| $ | 1,586,022 |
|
| $ | 1,277,531 |
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| 24 % |
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| $ | 4,474,342 |
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| $ | 3,745,751 |
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| 19 % |
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Fitness |
|
| 463,887 |
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|
| 352,976 |
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| 31 % |
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|
| 1,235,182 |
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|
| 932,561 |
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| 32 % |
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| Outdoor |
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| 526,551 |
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|
| 433,997 |
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| 21 % |
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|
| 1,332,617 |
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|
| 1,210,773 |
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| 10 % |
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| Aviation |
|
| 204,631 |
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|
| 198,160 |
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| 3 % |
|
|
| 639,739 |
|
|
| 629,195 |
|
| 2 % |
| ||
| Marine |
|
| 222,244 |
|
|
| 182,248 |
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| 22 % |
|
|
| 821,933 |
|
|
| 677,026 |
|
| 21 % |
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| Auto OEM |
|
| 168,709 |
|
|
| 110,150 |
|
| 53 % |
|
|
| 444,871 |
|
|
| 296,196 |
|
| 50 % |
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| Gross margin % |
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| 60.0 | % |
|
| 57.0 | % |
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|
|
|
| 58.5 | % |
|
| 57.2 | % |
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| Operating income % |
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| 27.6 | % |
|
| 21.2 | % |
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|
|
|
|
| 24.1 | % |
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| 20.1 | % |
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| GAAP diluted EPS |
| $ | 2.07 |
|
| $ | 1.34 |
|
| 54 % |
|
| $ | 5.06 |
|
| $ | 3.90 |
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| 30 % |
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| Pro forma diluted EPS (1) |
| $ | 1.99 |
|
| $ | 1.41 |
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| 41 % |
|
| $ | 4.99 |
|
| $ | 3.88 |
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| 29 % |
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| (1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS |
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