Garmin (GRMN) reported $1.59 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 24.2%. EPS of $1.99 for the same period compares to $1.41 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.44 billion, representing a surprise of +9.81%. The company delivered an EPS surprise of +36.30%, with the consensus EPS estimate being $1.46.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stre ...

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Garmin (GRMN) came out with quarterly earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.46 per share. This compares to earnings of $1.41 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 36.30%. A quarter ago, it was expected that this maker of personal navigation devices would post earnings of $1.40 per share when it actually produced earnings of $1.58, delivering a surprise of 12.86%. Over the last four q ...

Revenue and Profit Growth - Consolidated revenue for Q3 2024 reached $1.59 billion, a 24% increase YoY, with gross and operating margins expanding to 60.0% and 27.6%, respectively[1] - Operating income for Q3 2024 was $437 million, a 62% increase YoY, driven by strong performance across segments[1] - Net sales for the 13-weeks ended September 28, 2024, increased to $1,586,022 thousand, up 24.1% from $1,277,531 thousand in the same period last year[15] - Gross profit for the 13-weeks ended September 28, 2024, rose to $951,599 thousand, a 30.6% increase from $728,569 thousand in the prior year period[15] - Net income for the 13-weeks ended September 28, 2024, grew to $399,111 thousand, up 55.2% from $257,243 thousand in the same period last year[15] - Net sales for the 13-weeks ended September 28, 2024, totaled $1,586,022 thousand, a 24% YoY increase from $1,277,531 thousand in the same period in 2023[19] - Gross profit for the 13-weeks ended September 28, 2024, was $951,599 thousand, up from $728,569 thousand in the same period in 2023[18] - Operating income for the 13-weeks ended September 28, 2024, reached $437,475 thousand, compared to $270,369 thousand in the same period in 2023[18] - GAAP net income for the 13-weeks ended September 28, 2024, was $399,111 thousand, compared to $257,243 thousand in the same period in 2023[25] - Net sales for the 39-weeks ended September 28, 2024, totaled $4,474,342 thousand, a 19% YoY increase from $3,745,751 thousand in the same period in 2023[19] - Operating income for the 39-weeks ended September 28, 2024, was $1,077,913 thousand, compared to $751,706 thousand in the same period in 2023[18] Segment Performance - Fitness segment revenue grew 31% YoY to $463.9 million, with gross and operating margins of 61% and 32%, respectively[4] - Outdoor segment revenue increased 21% YoY to $526.6 million, driven by growth in adventure watches, with gross and operating margins of 68% and 40%, respectively[5] - Marine segment revenue rose 22% YoY to $222.2 million, primarily due to the acquisition of JL Audio, with gross and operating margins of 55% and 17%, respectively[7] - Auto OEM segment revenue surged 53% YoY to $168.7 million, driven by growth in domain controllers, with a gross margin of 20%[8] Financial Guidance and Cash Flow - Garmin raised its full-year 2024 revenue guidance to $6.12 billion, with pro forma EPS expected to be $6.85, based on a gross margin of 58.5% and operating margin of 24.0%[11] - The company generated $258 million in operating cash flow and $219 million in free cash flow during Q3 2024, ending the quarter with $3.5 billion in cash and marketable securities[10] - Cash and cash equivalents as of September 28, 2024, stood at $2,009,361 thousand, an 18.6% increase from $1,693,452 thousand at the end of 2023[16] - Total assets as of September 28, 2024, increased to $9,347,732 thousand, up 8.6% from $8,603,569 thousand at the end of 2023[16] - Net cash provided by operating activities for the 39-weeks ended September 28, 2024, was $948,581 thousand, a 4.2% increase from $910,324 thousand in the same period last year[17] - Free cash flow for the 13-weeks ended September 28, 2024, was $219,411 thousand, down from $311,882 thousand in the same period in 2023[28] Strategic Initiatives and Product Launches - Garmin announced the strategic acquisition of Lumishore, a leader in marine LED lighting, to enhance its marine product offerings[1] - The company launched the fēnix 8 series and Enduro 3, expanding its outdoor adventure watch lineup, and introduced the inReach Messenger Plus, a satellite communicator with advanced features[5] Regional Sales Performance - Net sales in the Americas region for the 13-weeks ended September 28, 2024, were $724,572 thousand, a 15% YoY increase from $628,157 thousand in 2023[19] - EMEA region net sales for the 13-weeks ended September 28, 2024, were $612,658 thousand, a 40% YoY increase from $439,123 thousand in 2023[19] Expenses and Dividends - Research and development expenses for the 13-weeks ended September 28, 2024, increased to $249,162 thousand, up 12.5% from $221,572 thousand in the same period last year[15] - Total operating expenses for the 13-weeks ended September 28, 2024, rose to $514,124 thousand, a 12.2% increase from $458,200 thousand in the prior year period[15] - Dividends paid during the 39-weeks ended September 28, 2024, totaled $428,373 thousand, a 2.2% increase from $419,166 thousand in the prior year period[17] - Net cash used in investing activities for the 39-weeks ended September 28, 2024, was $190,765 thousand, a 28.7% decrease from $267,692 thousand in the same period last year[17] Tax and Other Financial Metrics - The effective tax rate for the 13-weeks ended September 28, 2024, was 17.9%, compared to 8.0% in the same period in 2023[22]

Company reports record third quarter consolidated revenue and operating income, and raises full year guidance SCHAFFHAUSEN, Switzerland, Oct. 30, 2024 /PRNewswire/ -- Garmin® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 28, 2024. Highlights for third quarter 2024 include: Consolidated revenue of $1.59 billion, a 24% increase compared to the prior year quarter Gross and operating margins expanded to 60.0% and 27.6%, respectively Operating income of $437 million, a 62% incr ...

Wall Street analysts expect Garmin (GRMN) to post quarterly earnings of $1.46 per share in its upcoming report, which indicates a year-over-year increase of 3.6%. Revenues are expected to be $1.44 billion, up 13% from the year-ago quarter. Over the last 30 days, there has been an upward revision of 1.5% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe. Pri ...

The market expects Garmin (GRMN) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 30, 2024, might help the stock move higher if these key numbers are ...

Garmin (GRMN) expands its Aviation segment with the introduction of G3000 PRIME, a modern integrated flight deck offering an all-touchscreen display and highly flexible open system architecture, facilitating a seamless and unmatched cockpit experience. With a highly developed user interface design and advanced connectivity, G3000 PRIME leverages the latest technologies to enhance safety, potential and efficiency while minimizing pilot workload in every phase of flight. G3000 PRIME comes with a broad 14-inch ...

Core Insights - Garmin has introduced the G3000 PRIME, its most advanced integrated flight deck, enhancing the flight deck experience with intuitive touchscreen displays and flexible open system architecture [1][2] - The G3000 PRIME is FAA TSO certified and targets Part 23 turbine, military, and advanced air mobility markets [1][14] Product Features - The G3000 PRIME features 14-inch touchscreen primary display units with edge-to-edge glass, quadrupling memory and offering gigabit system connectivity that is up to 100 times faster [3] - Secondary display units provide a 40% increase in screen area and can function as integrated standby flight instruments in certain applications [4] - The multi-touch interface allows simultaneous interaction by both pilot and copilot, enhancing usability [5] User Interface and Functionality - The user interface combines modern design with familiar elements, ensuring clarity and quick access to critical functions [6] - Primary Flight Windows and Multi-Function Windows maximize situational awareness with quick access bars for essential applications [7] - The Window Manager feature allows for easy configuration of app displays and window sizes across the flight deck [8] Advanced Flight Tools - Enhanced flight management system tools include a Modified Flight Plan feature for side-by-side graphical previews of flight plan changes [9] - The G3000 PRIME includes smart checklists linked to crew alerting system messages, streamlining emergency responses [10] Safety Innovations - The G3000 PRIME incorporates advanced safety technologies, including Garmin Autoland, which can autonomously land the aircraft in emergencies [11] - Additional safety features include Runway Occupancy Awareness technology to prevent runway incursions [12] Connectivity and Integration - The flight deck supports various connectivity options such as Wi-Fi, LTE, and Bluetooth, enhancing operational efficiency [13] - The PlaneSync system allows for automatic database updates and remote monitoring of aircraft status [13] Market Position - Garmin has a strong presence in the aviation market, with over 30,000 integrated flight decks in service, and continues to innovate in avionics solutions [2][15]

Investors might want to bet on Garmin (GRMN) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Individual investors ...