Garmin Ltd. announced results for the third quarter ended September 28, 2024. 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.
“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,” Cliff Pemble, President and Chief Executive Officer of Garmin Ltd. said. “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.”
Revenue from the marine segment increased 22% in the third quarter, which Garmin said was primarily driven by the acquisition of JL Audio. Gross and operating margins were 55% and 17%, respectively, resulting in $38 million of operating income.
The full Q3 2024 results can be found on the Garmin Investor website.
