Garmin Reports Record Q3 2024 Earnings, Raises Outlook

Garmin ( (GRMN) ) has realeased its Q3 earnings. Here is a breakdown of the information Garmin presented to its investors.

Garmin Ltd., a leader in the design and manufacture of GPS navigation and wearable technology, operates in various sectors including fitness, outdoor, aviation, marine, and automotive. Known for its innovative products, Garmin holds a strong position in the technology industry with a focus on creating user-friendly devices.

In the third quarter of 2024, Garmin reported record consolidated revenue and operating income, prompting an upward revision of its full-year guidance. The company achieved a 24% increase in revenue year-over-year, reaching $1.59 billion, and a significant rise in operating income by 62% compared to the same period last year.

Key financial highlights include a gross margin expansion to 60% and an operating margin of 27.6%. The company also saw a robust 41% growth in pro forma EPS, reaching $1.99. Garmin continued to innovate with the launch of new products like the fēnix 8 series and Enduro 3 smartwatches, strengthening its outdoor segment. Additionally, Garmin was recognized as the top marine electronics manufacturer for the tenth consecutive year and announced the acquisition of Lumishore, enhancing its marine product offerings.

Segment-wise, Garmin experienced growth across all divisions, with the auto OEM segment showing the highest increase at 53%. The company’s fitness and marine segments also performed well, driven by demand for wearables and the acquisition of JL Audio, respectively.

Looking forward, Garmin’s management is optimistic about the continued momentum as they enter the holiday season. The revised full-year guidance anticipates revenue of approximately $6.12 billion and a pro forma EPS of $6.85, reflecting confidence in sustained growth and innovation across its diverse market segments.