Garmin’s Fourth Quarter Earnings Exceed Expectations with Strong Growth
Garmin Ltd. (NYSE: GRMN) has announced its fourth-quarter and full-year 2024 financial results, surpassing analyst expectations with record revenue and profit. The company reported consolidated revenue of $1.82 billion for the fourth quarter, marking a 23% increase compared to the same period in 2023. Operating income rose by 52% to $516 million, while gross margin improved to 59.3%. Pro forma earnings per share (EPS) increased by 40% to $2.41.
For the full year, Garmin recorded revenue of $6.30 billion, a 20% rise from 2023. All five business segments posted record revenue, contributing to a 46% increase in operating income to $1.59 billion. The company also announced a proposed 20% dividend increase.
Growth was driven by strong demand across key segments. The fitness division saw a 31% increase in revenue, led by wearable devices. The outdoor segment grew 29%, supported by adventure watches and new product launches, including the Approach R50 golf monitor and the Descent X50i dive computer. Aviation revenue rose 9%, while the marine and auto OEM segments expanded by 5% and 30%, respectively.
Source Garmin.com
Garmin highlighted achievements such as surpassing 300 million units shipped and receiving industry recognition, including a Laureate Award for its Runway Occupancy Awareness technology. The company also maintained its No. 1 ranking in Professional Pilot’s Avionics Manufacturers Product Support Survey for the 21st consecutive year.
Looking ahead, Garmin’s President and CEO Cliff Pemble expressed confidence in maintaining momentum through 2025, citing a strong product lineup and planned launches. The company generated $484 million in operating cash flow during the quarter and ended the year with $3.7 billion in cash and marketable securities.