Garmin® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 28, 2024.
Highlights for the 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
Operating income of $437 million, a 62% increase compared to the prior year quarter
GAAP EPS of $2.07 and pro forma EPS(1) of $1.99, representing 41% growth in pro forma EPS over the prior year quarter
Launched the fēnix® 8 series and the Enduro™ 3 expanding our lineup of outdoor adventure watches
Named 2024 Manufacturer of the Year by the National Marine Electronics Association for the 10th consecutive year, and received six Product of Excellence awards, for a total of 63 over the last decade
Named the #1 Most Innovative Marine Company for the second consecutive year by Soundings Trade Only, a leading trade publication for the recreational boating industry
Announced the strategic acquisition of Lumishore, a leader in marine LED lighting
Co-founders, Dr Min Kao and the late Gary Burrell were enshrined in the National Aviation Hall of Fame