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



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