Companies /Technology

Garmin Ltd

NYSE: GRMN Scientific & Technical Instruments
$277.03
▼ $0.15 (−0.05%) today
Markets closed · 6:14pm ET

Q4 2024 Earnings

Reported Feb 19, 2025, 7:00am ET · SEC source
$2.41
Beat +19.13%
EPS · est. $2.02
$1.8B
Beat +7.40%
Revenue · est. $1.7B
−5.1%
Trailing market
GRMN vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+4%+8%+12%Feb 19Feb 20report 7:00am ETearnings−0.5%+2.9%
0+4%+8%+12%Feb 19Feb 20earnings−0.5%+2.9%
GRMN +2.9%S&P 500 −0.5%
0+4%+8%+12%Feb 19Feb 20report 7:00am ETearnings−0.8%+2.9%
0+4%+8%+12%Feb 19Feb 20earnings−0.8%+2.9%
GRMN +2.9%NASDAQ −0.8%
0+5%+10%Feb 18Feb 26report 7:00am ETearnings−2.7%+4.6%
0+5%+10%Feb 18Feb 26earnings−2.7%+4.6%
GRMN +4.6%S&P 500 −2.7%
−6%0+6%+12%Feb 18Feb 26report 7:00am ETearnings−4.6%+4.6%
−6%0+6%+12%Feb 18Feb 26earnings−4.6%+4.6%
GRMN +4.6%NASDAQ −4.6%
+12.64%
Day of report
−5.34%
Next session
−6.20%
One week
−13.12%
30 days

S&P 500 over the same 30 days: −7.99%.

Did GRMN Beat Earnings? Q4 2024 Results

Garmin closed out fiscal 2024 with a standout fourth quarter, posting revenue of $1.82 billion, up 22.9% year-over-year and ahead of the $1.69 billion consensus estimate by 7.54%, while pro forma diluted EPS of $2.41 beat the $2.02 analyst estimate by 19.24%, reflecting the broad-based momentum that sent shares up roughly 12.7% on the day of the report. The results were driven by strength across all five business segments, with Outdoor contributing the largest dollar haul at $629.37 million and Fitness delivering the fastest growth at 31%, together underscoring the sustained consumer appetite for Garmin's wearables and connected devices. Operating income surged 52% to $516.08 million, with margins expanding to 28.3% from 23.0% a year prior, a testament to favorable product mix and operational leverage. Looking ahead, the company guided for approximately $6.80 billion in fiscal 2025 revenue, representing roughly 8% growth, and proposed a 20% dividend increase to $3.60 per share annually, signaling confidence in its long-term trajectory.

Key Takeaways
  • Strong demand for wearables across fitness segment
  • Adventure watches driving outdoor segment growth
  • Increased shipments of domain controllers in Auto OEM
  • Growth contributions from both OEM and aftermarket categories in aviation
  • Gross margin expansion to 59.3% from 58.3%
  • Operating margin expansion to 28.3% from 23.0%

“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. 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 CEO, on the earnings call

Forward Guidance & Outlook

Garmin expects full-year 2025 revenue of approximately $6.80 billion, representing approximately 8% growth over 2024. Full-year pro forma EPS is expected to be approximately $7.80, with gross margin of approximately 58.7%, operating margin of approximately 25.0%, and pro forma effective tax rate of approximately 16.5%.

GRMN YoY Financials

Q4 2024 vs Q4 2023 · SEC filings Q4 2023 Q4 2024
$0$600.0M$1.2B$1.8B$1.5B$1.8BRevenue$864.1M$1.1BGross Profit$340.4M$516.1MOperating Income$542.2M$435.7MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

GRMN Revenue by Segment

Fitness$539.3M+31.0%
Outdoor$629.4M+29.0%
Marine$251.3M+5.0%
Aviation$236.9M+9.0%
Auto OEM$165.7M+30.0%

GRMN Revenue by Geography

Americas$854.8M+17.0%
EMEA$701.3M+34.0%
Asia Pacific$266.5M+18.0%

Figures from SEC filings and company reports. Not investment advice.