Garmin reported results for the first quarter ended March 29.
Highlights for first quarter 2025 include:
- Record consolidated revenue of $1.54 billion, an 11% increase compared to the prior year quarter
- Gross margin of 57.6% compared to 58.1%, in the prior year quarter
- Operating margin expanded to 21.7% from 21.6%, in the prior year quarter
- Record operating income of $333 million, a 12% increase compared to the prior year quarter
- GAAP EPS of $1.72 and pro forma EPS of $1.61, representing 13% growth in pro forma EPS over the prior year quarter
- Named one of the Top 10 Most Trustworthy Companies in America, within our industry, by Newsweek
- Recognized as an exceptional aviation OEM and marine supplier, winning multiple awards during the quarter
- Announced the G3000 PRIME integrated flight deck was selected by Pilatus for its new PC-12 PRO aircraft and PC-7 MKX military training aircraft
- Published our 2024 Garmin inReach SOS Report, highlighting the important role served by inReach devices in remote communications and emergency response coordination around the globe
Executive Overview
“We delivered another quarter of outstanding financial results which we attribute to our strong lineup of highly differentiated products that customers desire. While recent developments in global trade have created an atmosphere of uncertainty for many companies, we remain optimistic because of the resilience and flexibility our vertically integrated and highly diversified business model offers. We are very pleased with our results so far, and we look forward to the opportunities ahead as the year continues to unfold,” said Cliff Pemble, president and chief executive officer of Garmin Ltd.
Click here to view the full press release and financial statements.
