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Mar 30, 2024
Garmin Q1 2024 Earnings Report
Garmin reported record first quarter revenue and operating income, with significant growth in fitness and auto OEM segments.
Key Takeaways
Garmin's Q1 2024 results showed strong performance with a 20% increase in consolidated revenue to $1.38 billion and a 51% increase in operating income to $298 million. The company achieved record first quarter revenue in four segments, driven by robust demand and a strong product portfolio. GAAP EPS was reported at $1.43, and pro forma EPS at $1.42, representing a 39% growth in pro forma EPS.
Consolidated revenue increased by 20% year-over-year to $1.38 billion.
Gross and operating margins expanded to 58.1% and 21.6%, respectively.
Operating income increased by 51% year-over-year to $298 million.
GAAP EPS was $1.43, and pro forma EPS was $1.42, a 39% increase over the prior year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company is not updating its 2024 guidance for revenue of approximately $5.75 billion and pro forma EPS of $5.40.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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