Garmin Hits Record Growth Across All Segments

Core Insights - Garmin reported exceptional financial performance in 2024, achieving record revenue and substantial margin expansion across all business segments [1][2][3] Financial Performance - Consolidated revenue increased by 20% to $6.3 billion for the full year 2024, with operating income jumping 46$1.6 billion [3] - Operating margins expanded to 25%, reflecting improved gross margins and operating leverage [3] Product Innovation - Continued investment in product innovation is creating growth opportunities, with the launch of significant new products such as the Approach R50 golf launch monitor and the Descent X50i dive computer [4][5] Fitness Segment Growth - The fitness segment experienced exceptional performance, with revenue increasing by 32% to $1.77 billion and operating income more than doubling year over year to$483 million [7] - Gross margin in the fitness segment was 58%, a 480 basis point improvement over the prior year, with operating margin expanding approximately 1,000 basis points to 27% [7][8] Market Outlook - Management expressed confidence in continued growth for 2025, anticipating consolidated revenue to increase approximately 8% to $6.8 billion [9] - A proposed 20% dividend increase is set to be voted on by shareholders at the upcoming annual meeting [9] Future Plans - The company plans to build on its success through continued product innovation, with many product launches planned for 2025, including new categories for Garmin [10]