Garmin Q1 2024 Earnings Report
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.
Garmin
Garmin
Garmin Revenue by Segment
Garmin 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