Garmin announced results for the third quarter ended Sept. 28.
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 of $1.99, representing 41% growth in pro forma EPS over the prior year quarter
- Launched the fēnix 8 series and the Enduro 3 expanding its 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 No. 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
“We delivered another quarter of impressive financial results as our highly differentiated and innovative products resonate with customers, and we successfully leveraged growth opportunities across market segments and geographies. We are raising our 2024 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season,” said Cliff Pemble, president and CEO of Garmin.
For additional information from the Garmin financial report, click here.