Financial Performance - Consolidated revenue reached $1.38 billion, a 20% increase year-over-year[4] - Operating income was $298 million, reflecting a 51% increase compared to the prior year[4] - GAAP diluted EPS was $1.43, representing a 36% increase year-over-year, while pro forma diluted EPS was $1.42, a 39% increase[4] - Total operating expenses were $504 million, an 11% increase over the prior year[11] - Net income for the first quarter of 2024 was $275,961, up from $202,327 in the first quarter of 2023, reflecting a year-over-year increase of 36%[27] - Operating income for the total segment in Q1 2024 was $298,410, compared to $196,982 in Q1 2023, reflecting a 51% increase[29] Segment Performance - Fitness segment revenue increased by 40% to $342.9 million, driven by strong demand for advanced wearables[6] - Outdoor segment revenue grew by 11% to $366.2 million, with operating income of $107 million[7] - Aviation segment revenue rose by 2% to $216.9 million, with operating income of $52 million[8] - Marine segment revenue increased by 17% to $326.7 million, primarily due to the acquisition of JL Audio[9] - Auto OEM segment revenue surged by 58% to $129 million, although it recorded an operating loss of $16 million[10] Cash Flow and Assets - Free cash flow for the 13 weeks ended March 30, 2024, was $402,137, compared to $232,396 for the same period in 2023, indicating a significant increase of 73%[39] - Cash and cash equivalents at the end of the period were $1,922,474, up from $1,362,321 at the end of Q1 2023[27] - Total assets increased to $8,633,880 in Q1 2024, compared to $8,603,569 in Q1 2023, reflecting a modest growth of 0.35%[25] Sales Performance - Total net sales for the 13 weeks ended March 30, 2024, were $1,381,649, representing a 20% increase compared to $1,147,424 for the same period in 2023[31] - The Americas region saw net sales of $716,116 in Q1 2024, a 17% increase from $611,704 in Q1 2023[31] - EMEA region net sales increased by 30% to $463,384 in Q1 2024, up from $355,853 in Q1 2023[31] Guidance - The company maintained its 2024 revenue guidance at approximately $5.75 billion and pro forma EPS at $5.40[14] Liabilities - Total current liabilities decreased to $1,117,386 in Q1 2024 from $1,310,687 in Q1 2023, showing a reduction of approximately 15%[25]

Investors looking for stocks in the Electronics - Miscellaneous Products sector might want to consider either TD SYNNEX (SNX) or Garmin (GRMN) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on ear ...

Garmin (GRMN) recently extended its mapping solution offering, namely, Outdoor Maps+, to several European countries.Outdoor Maps+ allows users to access globally available TOPO Pro Mapping content, including roads and trails, points of interest and contour lines, among others, with an annual purchase plan of $49.99.The mapping solution is compatible across several Garmin adventure smartwatches, including GPSMAP 67 series, Montana 700 and Alpha 300 series GPS handhelds and fenix 7 and epix series.This soluti ...

Garmin (GRMN) recently expanded its Garmin Navigation Database coverage to Europe, enabling European customers to integrate the latest aviation navigation information into their Garmin avionics products seamlessly.The database also offers comprehensive GPS navigation information for European travelers, including single updates, annual bundle options and OnePak subscriptions.Garmin Navigation Database offers coverage in 35 countries and over 3,400 airports, providing en route and airspace data, instrument pr ...

Navigation database developed by Garmin brings new cost-effective choices for European customersOLATHE, Kan., April 15, 2024 /PRNewswire/ -- Garmin (NYSE: GRMN) today announced expanded coverage of the Garmin Navigation Database to now include Europe. Previously available to aircraft owners and operators in the Americas, the Garmin Navigation Database delivers a trusted and convenient new option for European customers to incorporate the latest aviation navigation information in their Garmin avionics. Offere ...

Etkind joined Garmin in 1998 as the company's first General Counsel. He was a key contributor in Garmin's initial public offering and has developed a strong global in-house legal team with expertise in a broad range of legal and business matters including intellectual property, litigation, compliance, contract negotiation, mergers and acquisitions, and corporate governance.  Since joining Garmin in 2006, Maxfield has held roles with increasing responsibilities and is currently serving as an Associate Genera ...

A month has gone by since the last earnings report for Garmin (GRMN) . Shares have added about 10.6% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Garmin due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Garmin's Q4 Earnings & Sales Beat Estimates, Up Y/YGarmin re ...

Garmin (GRMN) announced that it is set to receive a Federal Aviation Administration Supplemental Type Certification to upgrade Cessna’s Citation CJ2 cockpit.Garmin’s robust avionics solutions, including G600 TXi flight displays, GTN Xi navigators and GFC 600 digital autopilot, will replace CJ2’s legacy flight deck systems.Notably, the G600 TXi flight comes with a touchscreen interface, providing advanced primary flight display and multi-function display capabilities.Garmin’s GTN Xi navigators will enhance l ...

STC will bring advanced capabilities to the CJ2 cockpit, including safety-enhancing and connected aircraft management technologiesOLATHE, Kan., March 19, 2024 /PRNewswire/ -- Garmin (NYSE: GRMN) today announced an upcoming Federal Aviation Administration (FAA) Supplemental Type Certification (STC) for the Cessna Citation CJ2, creating an all-Garmin integrated solution for the popular light jet. As a complete upgrade for the original flight deck, Garmin's industry-leading avionics solutions will fully replac ...

Boat builder group honors Garmin marine for outstanding service and support OLATHE, Kan., March 12, 2024 /PRNewswire/ -- Garmin (NYSE: GRMN), the world's most innovative and recognized marine electronics manufacturer, today announced that it received the prestigious Supplier of the Year honor from the Independent Boat Builders, Inc. (IBBI). The marine industry's largest purchasing cooperative, IBBI is comprised of a 15-owner network of leading boat brands that collectively build more than 25% of all boats s ...