## Garmin Soars with Record Third Quarter Revenue and Operating Income, Raises Full Year Guidance
Garmin Ltd. is reporting a stellar third quarter, with consolidated revenue reaching a record high of $1.59 billion, representing a remarkable 24% year-over-year increase. This impressive performance reflects the company’s continued success in delivering innovative products that resonate with customers across various market segments and geographies.
The company attributes its strong performance to a number of factors, including:
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Robust Demand:
Growth across all categories was driven by strong demand for wearables in the fitness segment, adventure watches in the outdoor segment, and aftermarket product categories in aviation. The marine segment benefited significantly from the acquisition of JL Audio, while the auto OEM segment saw substantial growth in domain controllers.*
Expansion of Product Lines:
Garmin expanded its product lines with several notable launches, including the highly anticipated fēnix 8 series of adventure watches featuring AMOLED displays and advanced features, the Enduro 3 ultra-performance GPS smartwatch, and the inReach Messenger Plus, a satellite communicator offering photo and voice messaging capabilities.*
Focus on Innovation:
Garmin continues to be recognized for its innovation in the industry. It was named 2024 Manufacturer of the Year by the National Marine Electronics Association for the tenth consecutive year and received six Product of Excellence awards. The company was also 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.*
Strategic Acquisitions:
Garmin’s strategic acquisition of Lumishore, a leader in marine LED lighting, strengthens its position in the marine market.Strong Performance Fuels Positive Outlook:
Encouraged by its impressive third-quarter results and the momentum it’s experiencing as it enters the crucial holiday selling season, Garmin has raised its full-year guidance. The company now anticipates revenue of approximately $6.12 billion and pro forma EPS of $6.85 for the fiscal year 2024.
Key highlights of the financial results include:
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Gross and operating margins expanded to 60.0% and 27.6%, respectively.
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Operating income surged 62% to $437 million.
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GAAP EPS reached $2.07, while pro forma EPS (non-GAAP) grew 41% to $1.99.
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Operating cash flows generated in the third quarter were $258 million.
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Free cash flow (non-GAAP) reached $219 million.
Garmin continues to invest in its business through share repurchase programs and dividend payments, demonstrating its commitment to shareholder value. The company’s strong financial performance and strategic initiatives position it well for continued growth and success in the future.
