Garmin(GRMN) - 2024 Q1 - Quarterly Results

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]