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Dec 28, 2024
Garmin Q4 2024 Earnings Report
Garmin reported strong revenue growth in Q4 2024, with a 23% YoY increase driven by gains in the Fitness and Outdoor segments.
Key Takeaways
Garmin achieved record revenue of $1.82 billion in Q4 2024, marking a 23% YoY increase. The company also saw a significant expansion in operating margin to 28.3% and strong growth in the Fitness and Outdoor segments. However, net income declined 19.6% YoY, primarily due to tax-related impacts.
Revenue grew 23% YoY to $1.82 billion, with all segments showing positive growth.
Operating margin expanded to 28.3%, up from 23.0% in Q4 2023.
Net income declined 19.6% YoY, impacted by tax expenses.
Fitness and Outdoor segments led growth, increasing 31% and 29% YoY, respectively.
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 2025 revenue of approximately $6.80 billion, reflecting 8% YoY growth, with an expected operating margin of 25.0% and pro forma EPS of $7.80.
Positive Outlook
- Full-year 2025 revenue projected to grow 8% to $6.80 billion.
- Pro forma EPS expected to reach $7.80.
- Gross margin forecasted to remain strong at 58.7%.
- Operating margin expected at 25.0%.
- Continued strong product pipeline and innovation.
Challenges Ahead
- Increased tax rate pressures due to global minimum tax requirements.
- Potential foreign currency impacts remain uncertain.
- Macroeconomic conditions could affect consumer spending.
- Increased R&D and personnel costs may impact margins.
- Competition in key segments could pressure pricing and profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income