Garmin Reports Record Revenue and Profit for 2024

Garmin ( (GRMN) ) has released its Q4 earnings. Here is a breakdown of the information Garmin presented to its investors.

Garmin Ltd., a leading global provider of GPS navigation and wearable technology, operates in the fitness, outdoor, aviation, marine, and automotive sectors, renowned for its innovation and high-quality products.

In its latest earnings report, Garmin announced record full-year revenue and profit for fiscal year 2024, with significant growth across all segments, and proposed a 20% increase in dividends, underscoring its strong financial performance.

Key financial highlights include a 23% increase in fourth-quarter revenue to $1.82 billion, driven by substantial growth in the fitness and outdoor segments. The company also reported a 52% increase in operating income and a gross margin improvement to 59.3%. Pro forma EPS saw a 40% rise from the previous year, reflecting robust profitability. Garmin’s strategic launches, such as the Approach R50 golf monitor and Descent X50i dive computer, contributed to this success, alongside accolades like the Laureate Award for its aviation technology.

For fiscal year 2024, Garmin achieved record consolidated revenue of $6.30 billion, a 20% increase year-over-year, with all segments posting record revenues. Operating income rose by 46% to $1.59 billion, while pro forma EPS grew by 32%. The company ended the year with a strong cash position, facilitating continued investment in new product development and shareholder returns through dividends and share buybacks.

Looking ahead, Garmin anticipates continued growth in 2025, projecting an 8% increase in revenue to $6.80 billion and maintaining strong margins. With a robust product pipeline and strategic initiatives, Garmin is poised to sustain its market leadership across all its segments.