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Sep 28, 2024
Garmin Q3 2024 Earnings Report
Garmin reported record revenue and operating income, raised full year guidance.
Key Takeaways
Garmin announced record third quarter consolidated revenue of $1.59 billion, a 24% increase compared to the prior year quarter, and operating income of $437 million, a 62% increase compared to the prior year quarter. The company raised its full year guidance based on the results achieved and the momentum experienced.
Consolidated revenue increased by 24% to $1.59 billion compared to the prior year quarter.
Gross and operating margins expanded to 60.0% and 27.6%, respectively.
Operating income increased by 62% to $437 million compared to the prior year quarter.
GAAP EPS was $2.07 and pro forma EPS was $1.99, representing 41% growth in pro forma EPS over the prior year quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Garmin now anticipates revenue of approximately $6.12 billion and pro forma EPS of $6.85 based on gross margin of 58.5%, operating margin of 24.0% and a full year effective tax rate of 16.5%
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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