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Key TakeawaysThe S&P 500 gained 0.2% on Wednesday, Feb. 19, to hit an all-time high for the second straight session as investors focused on Fed meeting minutes and shook off tariff proposals.Garmin shares surged after the GPS device maker reported better-than-expected results on strong sales in its fitness, auto and outdoor segments. Specialty chemical maker Celanese plummeted after reporting operating losses that the company forecasted were likely to continue into coming quarters. Major U.S. equities index ...

Financial Data and Key Metrics Changes - Consolidated revenue increased 23% to $1.82 billion in Q4 2024, setting a new fourth-quarter record, with record revenue achieved in all five business segments [7][34] - Gross margin expanded 100 basis points to 59%, and operating income increased 52% year-over-year to 28% [8][35] - Pro forma EPS was $2.41, up 40% over the prior year [8][35] - For the full year 2024, total revenue was $6.3 billion, a 20% increase year-over-year, with gross margin at nearly 59% [10][36] Business Segment Data and Key Metrics Changes - **Fitness Segment**: Revenue increased 32% to $1.77 billion, with operating income more than doubling to $483 million and operating margin expanding to 27% [14][35] - **Outdoor Segment**: Revenue increased 16% to $1.96 billion, with operating income exceeding $700 million and operating margin expanding to 36% [16][35] - **Aviation Segment**: Revenue increased 4% to $877 million, but operating income decreased 7% to $211 million due to increased R&D spending [20][35] - **Marine Segment**: Revenue increased 17% to nearly $1.1 billion, with operating income increasing 32% year-over-year [25][35] - **Auto OEM Segment**: Revenue increased 44% to $611 million, with a narrowed operating loss of $39 million [29][35] Market Data and Key Metrics Changes - By geography, consolidated revenue growth was led by EMEA with 34%, followed by APAC with 18%, and the Americas with 17% in Q4 2024 [38][39] - For the full year 2024, EMEA achieved 31% growth, the Americas 16%, and APAC 12% [39] Company Strategy and Development Direction - Garmin plans to launch many new products in 2025, including entries into new categories, anticipating consolidated revenue to increase approximately 8% to $6.8 billion [12][46] - The company aims to maintain strong growth in the fitness and outdoor segments while strategically focusing on new product categories and market penetration [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance in 2024, attributing it to a robust product portfolio and market share gains, particularly in wearables [9][53] - The company acknowledged the softening outlook for major automakers affecting the auto OEM segment but remains focused on achieving profitability in the future [30][76] Other Important Information - Garmin proposed an annual dividend of $3.60 per share, reflecting a 20% increase over the prior dividend amount [12][43] - The company generated free cash flow of approximately $1.2 billion for the full year 2024, with expectations of around $1.1 billion for 2025 [41][42] Q&A Session Summary Question: Key drivers for the fitness segment's performance - Management noted broad-based growth across product lines, with new customers contributing significantly to results and a positive outlook for 2025 [50][53] Question: Operating margin guidance - Management explained that the expected operating margin reflects increased R&D investments for growth, with SG&A expected to remain flat as a percentage of sales [56][58] Question: EMEA market performance - Management attributed EMEA's success to strong performance in wearables and a solid consumer market presence [65][66] Question: Auto OEM segment profitability - Management indicated a target of mid-teens gross margin and mid-single digits operating margin, with expectations for future growth driven by new business wins [67][70] Question: Impact of tariffs - Management acknowledged potential exposure to tariffs but believes they are well-positioned to minimize impacts [104][106] Question: Consumer backdrop and sell-through dynamics - Management reported healthy sell-in and sell-through levels, with strong product registrations and a generally positive consumer response [91][94] Question: Lower product costs - Management highlighted increased production efficiency and scale benefits as key factors in lower product costs [99][100] Question: Feedback on new products - Management received positive feedback on new high-priced products, indicating broad interest across various customer segments [111][115]

GPS device maker Garmin (GRMN 13.92%) has been a real winner for investors. After another stellar earnings report today, the stock has nearly doubled in the last 12 months. The fourth-quarter results along with management's 2025 guidance have shares soaring again today.Garmin stock was trading up by 12.6% as of 11:30 a.m. ET, near the morning's highs.Garmin blasts past guidanceIt was a strong fourth quarter by every measure, and it closed out a year with results overachieving even the company's internal gui ...

Q4 2024 Earnings February 19, 2025 Safe Harbor Statement These materials include projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2025 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segme ...

For the quarter ended December 2024, Garmin (GRMN) reported revenue of $1.82 billion, up 22.9% over the same period last year. EPS came in at $2.41, compared to $1.72 in the year-ago quarter.The reported revenue represents a surprise of +8.39% over the Zacks Consensus Estimate of $1.68 billion. With the consensus EPS estimate being $1.94, the EPS surprise was +24.23%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expect ...

Garmin delivered a strong fourth-quarter performance with significant revenue and profit growth, surpassing market expectations.Garmin (GRMN 11.04%), known for its leadership in GPS technology across varied segments like fitness, outdoor, aviation, marine, and automotive, released its fourth-quarter 2024 earnings on Feb. 19. The results certainly turned heads, with Garmin posting revenue of $1.82 billion compared to the expected $1.70 billion. This signifies a notable 23% increase year-on-year. The Pro Form ...

Garmin (GRMN) came out with quarterly earnings of $2.41 per share, beating the Zacks Consensus Estimate of $1.94 per share. This compares to earnings of $1.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 24.23%. A quarter ago, it was expected that this maker of personal navigation devices would post earnings of $1.46 per share when it actually produced earnings of $1.99, delivering a surprise of 36.30%.Over the last four qu ...

Product Performance and Market Segments - Garmin delivered over 18 million products during fiscal 2024, contributing to a total of over 300 million products since its inception[20]. - The company serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM, focusing on GPS-enabled products and navigation solutions[20]. - Garmin's fitness segment includes a wide range of products such as adventure watches, running watches, cycling products, and smartwatches, designed to promote health and active lifestyles[27]. - In the aviation sector, Garmin offers innovative avionics solutions for various aircraft categories, including integrated flight decks and automatic flight control systems[28][31]. - Garmin's outdoor products include handheld devices and satellite communicators, featuring advanced navigation capabilities and two-way satellite communication[29]. - The Approach series of golf devices includes over 43,000 golf course maps, providing users with detailed information during play[29]. - Garmin's diverse product offerings are known for their value, high performance, ease of use, and innovative design, catering to a wide range of consumer needs[23]. - Garmin operates in five segments: fitness, outdoor, aviation, marine, and auto OEM, with each segment's performance assessed individually[180]. - Fitness segment net sales grew by 32% to $1,774,487, while outdoor segment sales increased by 16% to $1,961,990[195]. Financial Performance - Net sales for fiscal year 2024 increased by 20% to $6,296,903 compared to $5,228,252 in fiscal year 2023, with total unit sales rising approximately 15% to 18.6 million units[195]. - Gross profit for fiscal year 2024 rose by 23% to $3,696,555, with a consolidated gross margin increase of 120 basis points compared to the previous year[198]. - Operating income for fiscal year 2024 increased by 46% to $1,593,994, with a percentage of total net sales rising to 25%[204]. - Net income for the fiscal year ended December 28, 2024, was 22%, a decrease from 25% in the prior year[193]. - Cash provided by operating activities totaled $1,432.5 million for fiscal 2024, an increase from $1,376.3 million in fiscal 2023, driven by higher net sales[217]. - The effective tax rate for fiscal 2024 is projected to be 17%, compared to a tax benefit of (7)% in fiscal 2023, influenced by changes in global tax standards and an increase in the Swiss corporate tax rate[210][211]. Research and Development - The company emphasizes research and development, with a focus on innovation and collaboration between engineering and manufacturing teams[38]. - Research and development expenses represented 16% of net sales for the fiscal year ended December 28, 2024, compared to 17% in the prior year[193]. - The company is committed to increasing innovative design and development of new products to serve existing and new markets[191]. Supply Chain and Manufacturing - Garmin relies on third-party suppliers for critical components, and any disruptions in supply could severely affect production and business operations[68]. - The company has experienced shortages and delays in procuring components, which may lead to increased costs and production challenges[69]. - Garmin's vertical integration in manufacturing allows for lower costs and improved time to market, enhancing overall efficiency[40][41]. - Garmin's manufacturing facilities are certified to ISO 9001, IATF 16949, and AS9100 quality standards, ensuring high product quality[43]. Market Challenges and Risks - Garmin's competitive landscape includes major players such as Apple, Fitbit, and Samsung across various product lines[37]. - The wearable device market's maturation or contraction could adversely affect revenue and profits, as seen in past sales fluctuations[101]. - Economic conditions, including inflation and recession, could adversely affect demand for products and overall financial performance[105]. - Climate change and natural disasters could disrupt business operations, affecting financial results due to potential inventory loss and demand fluctuations[82]. - Regulatory measures related to greenhouse gas emissions may negatively impact product demand in the auto, aviation, and marine markets[83]. - The company faces challenges in hiring and retaining qualified personnel, which could impact its growth prospects[76]. Corporate Governance and Compliance - The company has a cybersecurity risk management program aligned with industry standards, designed to protect the confidentiality, integrity, and availability of its information systems[140]. - Garmin's Board of Directors performs risk oversight, including cybersecurity threats, with the CEO and CFO regularly attending meetings to facilitate discussions[146]. - The company is subject to potential penalties under the General Data Protection Regulation in the European Union, which can be as high as 4% of total global revenue[120]. - The company has been involved in various claims and lawsuits that may result in significant monetary damages or injunctive relief[116]. Shareholder Information - The company has $3,640 million of unappropriated capital contribution reserves available for dividend payments as of December 28, 2024[133]. - The market price of the company's shares ranged from a low of $119.49 to a high of $220.77 during 2024, indicating high volatility[128]. - Total shares repurchased during the 13-week period ended December 28, 2024, amounted to 182, with an approximate dollar value of $237,233,000 remaining under the share repurchase program[169]. - The average price paid per share for repurchases was $189.96 during the period from October 27, 2024, to November 23, 2024[170].

Highlights for fourth quarter 2024 include: Highlights for fiscal year 2024 include: EXHIBIT 99.1 Garmin announces fourth quarter and fiscal year 2024 results Reports record full-year revenue and profit, and proposes a 20% dividend increase Schaffhausen, Switzerland / February 19, 2025 / PR Newswire – Garmin ® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 28, 2024. • Consolidated revenue of $1.82 billion, a 23% increase compared to the prior year quarter • Gross margin exp ...