Garmin reported results for the fourth quarter ended Dec. 28, 2024.
Highlights for fourth quarter 2024 include:
- Consolidated revenue of $1.82 billion, a 23% increase compared to the prior year quarter
- Gross margin expanded to 59.3% from 58.3% in the prior year quarter
- Operating margin expanded to 28.3% compared to 23.0% in the prior year quarter
- Operating income was $516 million, a 52% increase compared to the prior year quarter
- GAAP EPS of $2.25 and pro forma EPS(1) of $2.41, representing 40% growth in pro forma EPS over the prior year quarter
- Shipped over 300 million units since inception
- Runway Occupancy Awareness technology honored with a prestigious Laureate Award from Aviation Week Network
- Garmin ranked No. 1 for the 21st consecutive year in Professional Pilot’s Avionics Manufacturers Product Support Survey
- Launched the Approach R50, portable golf launch monitor with a built-in simulator
- Launched the Descent X50i, our first large-format dive computer
Highlights for fiscal year 2024 include:
- Celebrated its 35th year anniversary of creating innovative products
- Record consolidated revenue of $6.30 billion, a 20% increase compared to the prior year
- All segments posted record full-year revenue
- Gross margin expanded to 58.7% compared to 57.5% in the prior year
- Operating margin expanded to 25.3% compared to 20.9% in the prior year
- Record operating income of $1.59 billion, a 46% increase compared to the prior year
- GAAP EPS of $7.30 and record pro forma EPS(1) of $7.39, representing 32% growth in pro forma EPS over the prior year
View the PDF for the full press release and financial statements.
