Garmin announces third quarter 2024 results

SCHAFFHAUSEN, Switzerland, Oct. 30, 2024 — (PRNewswire) — 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 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



39-Weeks Ended




September 28,



September 30,



YoY



September 28,



September 30,



YoY




2024



2023



Change



2024



2023



Change


Net sales


$

1,586,022



$

1,277,531



24 %



$

4,474,342



$

3,745,751



19 %


      Fitness



463,887




352,976



31 %




1,235,182




932,561



32 %


      Outdoor



526,551




433,997



21 %




1,332,617




1,210,773



10 %


      Aviation



204,631




198,160



3 %




639,739




629,195



2 %


      Marine



222,244




182,248



22 %




821,933




677,026



21 %


      Auto OEM



168,709




110,150



53 %




444,871




296,196



50 %



























Gross margin %



60.0

%



57.0

%







58.5

%



57.2

%






























Operating income %



27.6

%



21.2

%







24.1

%



20.1

%






























GAAP diluted EPS


$

2.07



$

1.34



54 %



$

5.06



$

3.90



30 %


Pro forma diluted EPS (1)


$

1.99



$

1.41



41 %



$

4.99



$

3.88



29 %




(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS



1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10  Next Page »
Featured Video
Jobs
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California
Senior Principal Software Engineer for Autodesk at San Francisco, California
Principal Engineer for Autodesk at San Francisco, California
Upcoming Events
Consumer Electronics Show 2025 - CES 2025 at Las Vegas Convention Center Las Vegas NV - Jan 7 - 10, 2025
GeoBuiz Summit 2025 at Hyatt Regency Aurora-Denver Conference Center. Denver CO - Jan 13 - 15, 2025
Coastal GeoTools 2025 Conference at 301 North Water Street - Jan 27 - 30, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise