Garmin shares Q4 and FY 2024 results
Garmin has shared its fourth quarter and fiscal year 2024 results, reporting consolidated revenue for Q4 up 23 percent, and consolidated revenue for fiscal year 2024 up 20 percent.
Fourth quarter 2024
- Consolidated revenue of $1.82 billion, a 23% increase compared to the prior year quarter
- Gross margin expanded to 59.3% from 58.3% in the prior year quarter
- Operating margin expanded to 28.3% compared to 23.0% in the prior year quarter
- Operating income was $516 million, a 52% increase compared to the prior year quarter
- Shipped over 300 million units since inception
- Launched the Descent X50i, our first large-format dive computer
Fiscal year 2024
- Celebrated 35th year anniversary of creating innovative products
- Record consolidated revenue of $6.30 billion, a 20% increase compared to the prior year
- All segments posted record full-year revenue
- Gross margin expanded to 58.7% compared to 57.5% in the prior year
- Operating margin expanded to 25.3% compared to 20.9% in the prior year
- Record operating income of $1.59 billion, a 46% increase compared to the prior year
“2024 was a year of remarkable growth and achievement for Garmin, resulting in record full-year consolidated revenue and record full-year revenue in all five of our segments, as well as record full-year consolidated operating income,” said Cliff Pemble, president and chief executive officer of Garmin. “We are entering 2025 with continued strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2024 and look forward to all that 2025 will bring.”
Garmin develops products in the fitness, outdoor, aviation, marine and auto OEM segments. Revenue from the marine segment increased 5 percent in the fourth quarter with growth across multiple categories. Gross and operating margins were 58 percent and 20 percent, respectively, resulting in $51 million of operating income.
During the quarter, Garmin was awarded a 2024 National Boating Safety Award from the Sea Tow Foundation for the fourth consecutive year. Also during the quarter, JL Audio received an Innovation Award for its Pavilion line of outdoor home speakers from Home Technology Specialists of America, Inc., a leading consumer electronics trade group.
Revenue from the outdoor segment increased 29% in the fourth quarter with growth led by adventure watches. Gross and operating margins were 67% and 40%, respectively, resulting in $251 million of operating income. During the quarter, Garmin launched the Descent X50i, its largest dive computer with a vivid 3-inch color display providing rich information that is readable at a glance.
Garmin expects full-year 2025 revenue of approximately $6.80 billion, an increase of approximately 8 percent over 2024. The company expects its full-year pro forma EPS to be approximately $7.80 based upon gross margin of approximately 58.7%, operating margin of approximately 25.0% and pro forma effective tax rate of approximately 16.5%.
Source: https://boatingindustry.com/news/2025/02/20/garmin-shares-q4-and-fy-2024-results/
