About this content About Josh Lamb After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Josh has reported on a range of areas whilst at Proactive, including energy companies during a time of global crisis, aviation and airlines as the sector recovers from the pandemic, as well as covering economic, social and governance issues. Read more About the publisher Proactive financial news and onl ...

Revenue and Profit Growth - Consolidated revenue for Q3 2024 reached $1.59 billion, a 24% increase YoY, with gross and operating margins expanding to 60.0% and 27.6%, respectively[1] - Operating income for Q3 2024 was $437 million, a 62% increase YoY, driven by strong performance across segments[1] - Net sales for the 13-weeks ended September 28, 2024, increased to $1,586,022 thousand, up 24.1% from $1,277,531 thousand in the same period last year[15] - Gross profit for the 13-weeks ended September 28, 2024, rose to $951,599 thousand, a 30.6% increase from $728,569 thousand in the prior year period[15] - Net income for the 13-weeks ended September 28, 2024, grew to $399,111 thousand, up 55.2% from $257,243 thousand in the same period last year[15] - Net sales for the 13-weeks ended September 28, 2024, totaled $1,586,022 thousand, a 24% YoY increase from $1,277,531 thousand in the same period in 2023[19] - Gross profit for the 13-weeks ended September 28, 2024, was $951,599 thousand, up from $728,569 thousand in the same period in 2023[18] - Operating income for the 13-weeks ended September 28, 2024, reached $437,475 thousand, compared to $270,369 thousand in the same period in 2023[18] - GAAP net income for the 13-weeks ended September 28, 2024, was $399,111 thousand, compared to $257,243 thousand in the same period in 2023[25] - Net sales for the 39-weeks ended September 28, 2024, totaled $4,474,342 thousand, a 19% YoY increase from $3,745,751 thousand in the same period in 2023[19] - Operating income for the 39-weeks ended September 28, 2024, was $1,077,913 thousand, compared to $751,706 thousand in the same period in 2023[18] Segment Performance - Fitness segment revenue grew 31% YoY to $463.9 million, with gross and operating margins of 61% and 32%, respectively[4] - Outdoor segment revenue increased 21% YoY to $526.6 million, driven by growth in adventure watches, with gross and operating margins of 68% and 40%, respectively[5] - Marine segment revenue rose 22% YoY to $222.2 million, primarily due to the acquisition of JL Audio, with gross and operating margins of 55% and 17%, respectively[7] - Auto OEM segment revenue surged 53% YoY to $168.7 million, driven by growth in domain controllers, with a gross margin of 20%[8] Financial Guidance and Cash Flow - Garmin raised its full-year 2024 revenue guidance to $6.12 billion, with pro forma EPS expected to be $6.85, based on a gross margin of 58.5% and operating margin of 24.0%[11] - The company generated $258 million in operating cash flow and $219 million in free cash flow during Q3 2024, ending the quarter with $3.5 billion in cash and marketable securities[10] - Cash and cash equivalents as of September 28, 2024, stood at $2,009,361 thousand, an 18.6% increase from $1,693,452 thousand at the end of 2023[16] - Total assets as of September 28, 2024, increased to $9,347,732 thousand, up 8.6% from $8,603,569 thousand at the end of 2023[16] - Net cash provided by operating activities for the 39-weeks ended September 28, 2024, was $948,581 thousand, a 4.2% increase from $910,324 thousand in the same period last year[17] - Free cash flow for the 13-weeks ended September 28, 2024, was $219,411 thousand, down from $311,882 thousand in the same period in 2023[28] Strategic Initiatives and Product Launches - Garmin announced the strategic acquisition of Lumishore, a leader in marine LED lighting, to enhance its marine product offerings[1] - The company launched the fēnix 8 series and Enduro 3, expanding its outdoor adventure watch lineup, and introduced the inReach Messenger Plus, a satellite communicator with advanced features[5] Regional Sales Performance - Net sales in the Americas region for the 13-weeks ended September 28, 2024, were $724,572 thousand, a 15% YoY increase from $628,157 thousand in 2023[19] - EMEA region net sales for the 13-weeks ended September 28, 2024, were $612,658 thousand, a 40% YoY increase from $439,123 thousand in 2023[19] Expenses and Dividends - Research and development expenses for the 13-weeks ended September 28, 2024, increased to $249,162 thousand, up 12.5% from $221,572 thousand in the same period last year[15] - Total operating expenses for the 13-weeks ended September 28, 2024, rose to $514,124 thousand, a 12.2% increase from $458,200 thousand in the prior year period[15] - Dividends paid during the 39-weeks ended September 28, 2024, totaled $428,373 thousand, a 2.2% increase from $419,166 thousand in the prior year period[17] - Net cash used in investing activities for the 39-weeks ended September 28, 2024, was $190,765 thousand, a 28.7% decrease from $267,692 thousand in the same period last year[17] Tax and Other Financial Metrics - The effective tax rate for the 13-weeks ended September 28, 2024, was 17.9%, compared to 8.0% in the same period in 2023[22]

Wall Street analysts expect Garmin (GRMN) to post quarterly earnings of $1.46 per share in its upcoming report, which indicates a year-over-year increase of 3.6%. Revenues are expected to be $1.44 billion, up 13% from the year-ago quarter. Over the last 30 days, there has been an upward revision of 1.5% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe. Pri ...

The market expects Garmin (GRMN) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 30, 2024, might help the stock move higher if these key numbers are ...

Garmin (GRMN) expands its Aviation segment with the introduction of G3000 PRIME, a modern integrated flight deck offering an all-touchscreen display and highly flexible open system architecture, facilitating a seamless and unmatched cockpit experience. With a highly developed user interface design and advanced connectivity, G3000 PRIME leverages the latest technologies to enhance safety, potential and efficiency while minimizing pilot workload in every phase of flight. G3000 PRIME comes with a broad 14-inch ...

Investors might want to bet on Garmin (GRMN) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Individual investors ...

In the latest trading session, Garmin (GRMN) closed at $165.89, marking a +0.11% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 0.61%. Elsewhere, the Dow saw an upswing of 0.97%, while the tech-heavy Nasdaq appreciated by 0.33%. Coming into today, shares of the maker of personal navigation devices had lost 9.33% in the past month. In that same time, the Computer and Technology sector gained 8.6%, while the S&P 500 gained 5.36%. The upcoming earnings release of Gar ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Garmin (GRMN) . This company, which is in the Zacks Electronics - Miscellaneous Products industry, shows potential for another earnings beat. This maker of personal navigation devices has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surp ...

Annual awards program by Soundings Trade Only recognizes companies shaping the future of the marine industry OLATHE, Kan., Oct. 8, 2024 /PRNewswire/ -- Garmin (NYSE: GRMN) is proud to announce it has been named the Most Innovative Marine Company for the second consecutive year by Soundings Trade Only, a leading trade publication for the recreational boating industry. This prestigious awards program recognizes forward-thinking companies that are transforming the marine industry through advancements in techno ...

Garmin (GRMN) upgrades its fitness segment with the recent launch of its Lily 2 Active smartwatch, comprising built-in GPS and health and wellness features. Featuring a classic design and enclosed in a metal case, the new wearable has a battery life of up to nine hours in a smartwatch and GPS mode, enabling users to stay active for a longer time during fitness activities. Users can also have options to track different sleep stages, heart rate and heart rate variability, as well as monitor energy levels thro ...