Garmin Q4 2023 Earnings Report
Key Takeaways
Garmin reported a strong fourth quarter with a 13% increase in consolidated revenue to $1.48 billion. Gross margin expanded to 58.3%, and operating margin reached 23.0%. GAAP EPS was $2.82, and pro forma EPS was $1.72, representing 27% growth in pro forma EPS.
Consolidated revenue increased by 13% year-over-year, reaching $1.48 billion.
Gross margin expanded to 58.3% compared to 57.0% in the prior year quarter.
Operating margin improved to 23.0% from 20.5% in the prior year quarter.
GAAP EPS was $2.82, and pro forma EPS grew by 27% to $1.72.
Garmin
Garmin
Garmin Revenue by Segment
Garmin Revenue by Geographic Location
Forward Guidance
Garmin expects full year 2024 revenue of approximately $5.75 billion, an increase of approximately 10% over 2023. They expect full year pro forma EPS to be approximately $5.40 based upon gross margin of approximately 56.5%, operating margin of approximately 20.0% and pro forma effective tax rate of approximately 15.5%.
Positive Outlook
- Full year 2024 revenue is expected to be approximately $5.75 billion, a 10% increase over 2023.
- Gross margin is projected to be approximately 56.5%.
- Operating margin is anticipated to be around 20.0%.
- Pro forma effective tax rate is expected to be approximately 15.5%.
- Full year pro forma EPS is forecasted to be approximately $5.40.
Revenue & Expenses
Visualization of income flow from segment revenue to net income