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Dec 30, 2023
Garmin Q4 2023 Earnings Report
Garmin's Q4 2023 earnings report was released, showcasing revenue growth and expanded margins.
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
Revenue by Segment
Fitness Revenue
CapyFin.comOutdoor Revenue
CapyFin.comAviation Revenue
CapyFin.comMarine Revenue
CapyFin.comAuto OEM Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com 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