Garmin Announces First Quarter 2024 Results

Garmin announced Q1 earnings today with consolidated revenue of $1.38 billion, a 20% increase and new record for the first quarter.

SCHAFFHAUSEN, Switzerland – Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended March 30, 2024.

Highlights for first quarter 2024 include:

  • Consolidated revenue of $1.38 billion, a 20% increase compared to the prior year quarter
  • Achieved record first quarter revenue in four segments
  • Gross margin and operating margins expanded to 58.1% and 21.6%, respectively, compared to the prior year quarter
  • Operating income of $298 million, a 51% increase compared to the prior year quarter
  • GAAP EPS of $1.43 and pro forma EPS(1) of $1.42, representing 39% growth in pro forma EPS over the prior year quarter
  • Named 2024 Supplier of the Year by Independent Boat Builders, Inc.
  • Published our 2023 Garmin inReach® SOS Year in Review, highlighting the important role served by inReach devices in remote communications and emergency response coordination around the globe

Outdoor:

Revenue from the outdoor segment increased 11% in the first quarter primarily driven by growth in wearables. Gross and operating margins were 66% and 29%, respectively, resulting in $107 million of operating income. During the quarter, we released our annual inReach SOS Year in Review highlighting the importance of Garmin Response℠, our emergency response coordination center, which coordinates emergency response services in more than 200 countries and territories, and supports rescue efforts in more than 210 languages. We also produced and launched an original docuseries, 7 Days Out, which follows two ordinary people on their trek through Nepal’s Langtang Circuit and the power of friendship, perseverance, and Garmin smartwatches.

Marine:

Revenue from the marine segment increased 17% in the first quarter primarily driven by the acquisition of JL Audio®. Gross and operating margins were 55% and 27%, respectively, resulting in $88 million of operating income. During the quarter, we launched the GPSMAP® 16×3 chartplotters adding larger touchscreen options for greater clarity, connectivity, and control at the helm. Also during the quarter, we launched the Panoptix™ PS70, our first deep water live sonar, allowing anglers real-time views at depths up to 1,000 feet. Garmin sponsored angler, Justin Hamner, claimed the championship title at the recent Bassmaster Classic on a boat exclusively equipped with our ECHOMAP™ Ultra 2 chartplotters, Force® trolling motor, and LiveScope™ Plus sonar system.

The full press release cane found at Garmin.com.

About Garmin

Garmin Ltd. (NYSE: GRMN) is incorporated in Switzerland and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, GPSMAP, JL Audio and Navionics are registered trademarks and Panoptix, RapidReturn, LiveVü, Realvü and QuickDraw Contours are trademarks of Garmin Ltd. or its subsidiaries.