Product Performance and Market Segments - Garmin delivered over 18 million products during fiscal 2024, contributing to a total of over 300 million products since its inception[20]. - The company serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM, focusing on GPS-enabled products and navigation solutions[20]. - Garmin's fitness segment includes a wide range of products such as adventure watches, running watches, cycling products, and smartwatches, designed to promote health and active lifestyles[27]. - In the aviation sector, Garmin offers innovative avionics solutions for various aircraft categories, including integrated flight decks and automatic flight control systems[28][31]. - Garmin's outdoor products include handheld devices and satellite communicators, featuring advanced navigation capabilities and two-way satellite communication[29]. - The Approach series of golf devices includes over 43,000 golf course maps, providing users with detailed information during play[29]. - Garmin's diverse product offerings are known for their value, high performance, ease of use, and innovative design, catering to a wide range of consumer needs[23]. - Garmin operates in five segments: fitness, outdoor, aviation, marine, and auto OEM, with each segment's performance assessed individually[180]. - Fitness segment net sales grew by 32% to $1,774,487, while outdoor segment sales increased by 16% to $1,961,990[195]. Financial Performance - Net sales for fiscal year 2024 increased by 20% to $6,296,903 compared to $5,228,252 in fiscal year 2023, with total unit sales rising approximately 15% to 18.6 million units[195]. - Gross profit for fiscal year 2024 rose by 23% to $3,696,555, with a consolidated gross margin increase of 120 basis points compared to the previous year[198]. - Operating income for fiscal year 2024 increased by 46% to $1,593,994, with a percentage of total net sales rising to 25%[204]. - Net income for the fiscal year ended December 28, 2024, was 22%, a decrease from 25% in the prior year[193]. - Cash provided by operating activities totaled $1,432.5 million for fiscal 2024, an increase from $1,376.3 million in fiscal 2023, driven by higher net sales[217]. - The effective tax rate for fiscal 2024 is projected to be 17%, compared to a tax benefit of (7)% in fiscal 2023, influenced by changes in global tax standards and an increase in the Swiss corporate tax rate[210][211]. Research and Development - The company emphasizes research and development, with a focus on innovation and collaboration between engineering and manufacturing teams[38]. - Research and development expenses represented 16% of net sales for the fiscal year ended December 28, 2024, compared to 17% in the prior year[193]. - The company is committed to increasing innovative design and development of new products to serve existing and new markets[191]. Supply Chain and Manufacturing - Garmin relies on third-party suppliers for critical components, and any disruptions in supply could severely affect production and business operations[68]. - The company has experienced shortages and delays in procuring components, which may lead to increased costs and production challenges[69]. - Garmin's vertical integration in manufacturing allows for lower costs and improved time to market, enhancing overall efficiency[40][41]. - Garmin's manufacturing facilities are certified to ISO 9001, IATF 16949, and AS9100 quality standards, ensuring high product quality[43]. Market Challenges and Risks - Garmin's competitive landscape includes major players such as Apple, Fitbit, and Samsung across various product lines[37]. - The wearable device market's maturation or contraction could adversely affect revenue and profits, as seen in past sales fluctuations[101]. - Economic conditions, including inflation and recession, could adversely affect demand for products and overall financial performance[105]. - Climate change and natural disasters could disrupt business operations, affecting financial results due to potential inventory loss and demand fluctuations[82]. - Regulatory measures related to greenhouse gas emissions may negatively impact product demand in the auto, aviation, and marine markets[83]. - The company faces challenges in hiring and retaining qualified personnel, which could impact its growth prospects[76]. Corporate Governance and Compliance - The company has a cybersecurity risk management program aligned with industry standards, designed to protect the confidentiality, integrity, and availability of its information systems[140]. - Garmin's Board of Directors performs risk oversight, including cybersecurity threats, with the CEO and CFO regularly attending meetings to facilitate discussions[146]. - The company is subject to potential penalties under the General Data Protection Regulation in the European Union, which can be as high as 4% of total global revenue[120]. - The company has been involved in various claims and lawsuits that may result in significant monetary damages or injunctive relief[116]. Shareholder Information - The company has $3,640 million of unappropriated capital contribution reserves available for dividend payments as of December 28, 2024[133]. - The market price of the company's shares ranged from a low of $119.49 to a high of $220.77 during 2024, indicating high volatility[128]. - Total shares repurchased during the 13-week period ended December 28, 2024, amounted to 182, with an approximate dollar value of $237,233,000 remaining under the share repurchase program[169]. - The average price paid per share for repurchases was $189.96 during the period from October 27, 2024, to November 23, 2024[170].

Highlights for fourth quarter 2024 include: Highlights for fiscal year 2024 include: EXHIBIT 99.1 Garmin announces fourth quarter and fiscal year 2024 results Reports record full-year revenue and profit, and proposes a 20% dividend increase Schaffhausen, Switzerland / February 19, 2025 / PR Newswire – Garmin ® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 28, 2024. • Consolidated revenue of $1.82 billion, a 23% increase compared to the prior year quarter • Gross margin exp ...

Garmin (GRMN) is scheduled to report fourth-quarter 2024 results before market open on Feb. 19.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The Zacks Consensus Estimate for Garmin’s fourth-quarter 2024 earnings is pegged at $1.89 per share, implying a year-over-year increase of 9.88%.Garmin’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 28.51%.The Zacks Consensus Estimate for Garmin’s fourth-quarter 2024 revenues ...

The upcoming report from Garmin (GRMN) is expected to reveal quarterly earnings of $1.89 per share, indicating an increase of 9.9% compared to the year-ago period. Analysts forecast revenues of $1.67 billion, representing an increase of 12.7% year over year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Prior to a company's earnings r ...

All-in-one dive computer and smartwatch adds a bright AMOLED display for easy reading at any depth plus tools for life in and out of the waterOLATHE, Kan., Feb. 12, 2025 /PRNewswire/ -- Garmin (NYSE: GRMN) today announced the Descent™ G2, a rugged watch-style dive computer with features to help divers explore both their underwater and topside worlds. With support for multiple dive modes – ranging from technical diving to freediving – plus, popular features like a dive readiness score and Garmin's suite of h ...

Garmin (GRMN) closed the latest trading day at $215.73, indicating a -0.89% change from the previous session's end. The stock trailed the S&P 500, which registered a daily gain of 0.67%. At the same time, the Dow added 0.38%, and the tech-heavy Nasdaq gained 0.98%.The the stock of maker of personal navigation devices has risen by 4.07% in the past month, leading the Computer and Technology sector's loss of 0.79% and the S&P 500's gain of 2.07%.Investors will be eagerly watching for the performance of Garmin ...

First-of-its-kind HRM-Fit heart rate monitor for women lands Garmin among the top companies that are revolutionizing the health, fitness and wellness industryOLATHE, Kan., Feb. 6, 2025 /PRNewswire/ -- Garmin (NYSE: GRMN) has been recognized as one of the Most Innovative Fitness and Wellness Companies of 2025 by Athletech News. The award honors brands worldwide whose products, services and solutions are changing the health, fitness and wellness industry. Garmin earned the accolade for its innovative HRM- ...

Simplify life on the road and control functions throughout the RV using a sleek touchscreen display or completely hands-free with voice commandsOLATHE, Kan., Feb. 4, 2025 /PRNewswire/ -- Garmin (NYSE: GRMN) today announced SERV+™ —the ultimate control panel for travelers who want a smart RV experience with a sleek, modern touchscreen display. Serving as command central for the RV, drivers and passengers can easily control onboard entertainment, monitor security camera feeds, change the temperature settings ...

Garmin (GRMN) , a global leader in wearable technology and GPS navigation, has been on a remarkable run with its consecutive product innovations, the latest being the Approach S44 and Approach S50 smartwatches that have a slim, light design and crucial features for golfers trying to improve their game.The new smartwatches are equipped with sharp 1.2-inch color AMOLED screens and come with preloaded maps of more than 43,000 golf courses and important golf functions like hazard view and distance to the front, ...

First-of-its-kind device offers distances to the green on a high-contrast screen and a solar-poweredbattery, allowing you to play round after round without chargingOLATHE, Kan., Jan. 21, 2025 /PRNewswire/ -- Garmin (NYSE: GRMN) today announced the Approach® G20 Solar, the first solar-powered GPS golf handheld that provides unlimited battery life when used in sunny conditions1. While on the course, golfers can see yardage to the front, middle and back of the green and plan their approach using the 2.2-inch h ...