1. Garmin reported a 20% revenue increase for full-year 2024. 2. Fourth quarter fitness revenue surged 31%, driven by strong wearable demand. 3. Proposed dividend increase of 20% signals strong financial health. 4. Operating income rose 52% in Q4, indicating robust business performance. 5. 2025 guidance anticipates 8% revenue growth, projecting $6.80 billion.
The strong revenue growth, especially in fitness and outdoor segments, indicates positive market demand, akin to prior positive quarters boosting GRMN stock.
The article highlights key performance indicators and strategic decisions (like dividend increases) that can influence investor sentiment and thus GRMN's stock price.
Immediate effects from quarterly results and dividend proposal may boost investor confidence, similar to past earnings announcements driving short-term gains.
SCHAFFHAUSEN, Switzerland, Feb. 19, 2025 /PRNewswire/ -- Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 28, 2024.
| Metrics | 13-Weeks Ended | 52-Weeks Ended |
|---|---|---|
| Net sales | $1,822,560 | $6,296,903 |
| Gross profit | $1,079,926 | $3,696,555 |
| Operating income | $516,082 | $1,593,994 |
| GAAP diluted EPS | $2.25 | $7.30 |
"2024 was a year of remarkable growth and achievement for Garmin, resulting in record full-year consolidated revenue and record full-year revenue in all five of our segments, as well as record full-year consolidated operating income. We are entering 2025 with continued strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2024 and look forward to all that 2025 will bring." - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.
Revenue from the fitness segment increased 31% in the fourth quarter with growth across all categories led by strong demand for wearables. Operating income was $159 million.
Revenue from the outdoor segment increased 29% in the fourth quarter, led by adventure watches. Operating income was $251 million.
Revenue grew 9% in aviation with significant contributions from OEM and aftermarket products. Operating income was $64 million.
Marine segment revenue increased 5% in the fourth quarter. Operating income was $51 million.
Revenue from the auto OEM segment increased 30% during the fourth quarter. However, we recorded an operating loss of $9 million during the quarter.
Total operating expenses in the fourth quarter were $564 million, an 8% increase over the prior year. Effective tax rate for the quarter was 15.6% and cash flow from operations was $484 million.
We expect full-year 2025 revenue of approximately $6.80 billion, an increase of approximately 8% over 2024.
The Board intends to recommend a cash dividend of $3.60 per share, payable in four equal installments beginning June 27, 2025.
Investor Relations: Teri Seck | 913/397-8200 | investor.relations@garmin.com
Media Relations: Krista Klaus | 913/397-8200 | media.relations@garmin.com