Garmin (NYSE:GRMN) Full Year 2024 Results

Key Financial Results

• Revenue: US$6.30b (up 20% from FY 2023).
• Net income: US$1.41b (up 9.4% from FY 2023).
• Profit margin: 22% (down from 25% in FY 2023). The decrease in margin was driven by higher expenses.
• EPS: US$7.35 (up from US$6.74 in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Garmin Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%.

The primary driver behind last 12 months revenue was the Outdoor segment contributing a total revenue of US$1.96b (31% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$1.11b (49% of total expenses). Explore how GRMN's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Durables industry in the US.

The company's shares are up 5.7% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We have a graphic representation of Garmin's balance sheet and an in-depth analysis of the company's financial position.

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