NASDAQ$GRMN
Garmin Ltd. · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Garmin reported record first quarter revenue and operating income, with significant growth in fitness and auto OEM segments.
Garmin's Q1 2024 results showed strong performance with a 20% increase in consolidated revenue to $1.38 billion and a 51% increase in operating income to $298 million. The company achieved record first quarter revenue in four segments, driven by robust demand and a strong product portfolio. GAAP EPS was reported at $1.43, and pro forma EPS at $1.42, representing a 39% growth in pro forma EPS.
- Consolidated revenue increased by 20% year-over-year to $1.38 billion.
- Gross and operating margins expanded to 58.1% and 21.6%, respectively.
- Operating income increased by 51% year-over-year to $298 million.
- GAAP EPS was $1.43, and pro forma EPS was $1.42, a 39% increase over the prior year.
Headline financials
Revenue & EPS history
Garmin · Revenue · Quarterly
$1.38B
Revenue by segment
Garmin · $1.28B total across 5 segments · Q3 2023
- Outdoor$434M+27.5%34.0%
- Fitness$353M+26.1%27.6%
- Aviation$198M+5.4%15.5%
- Marine$182M-7.3%14.3%
- Auto OEM$110M-18.8%8.6%
Forward guidance
The company is not updating its 2024 guidance for revenue of approximately $5.75 billion and pro forma EPS of $5.40.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.4%
Avg return
Earnings day
+2.1%
Avg return
5 days after
+3.2%
Avg return
30 days after
51%
37 / 73 earnings
Positive
+19.3%
Q3 2024
Best reaction
-11.5%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.0% | -3.7% | -5.6% | |
| Q4 2025 | +9.7% | +13.9% | +7.1% | |
| Q3 2025 | -11.5% | -15.1% | -21.3% | |
| Q2 2025 | -7.4% | -5.8% | +1.1% | |
| Q1 2025 | -8.4% | -6.8% | -0.6% | |
| Q4 2024 | +12.6% | +3.7% | -2.1% | |
| Q3 2024 | +19.3% | +20.4% | +27.9% | |
| Q2 2024 | -4.6% | -9.9% | +2.2% | |
| Q1 2024 | +14.4% | +16.2% | +13.4% | |
| Q4 2023 | +9.1% | +10.2% | +20.0% | |
| Q3 2023 | +11.6% | +13.4% | +20.6% | |
| Q2 2023 | -0.0% | -0.2% | -0.3% | |
| Q1 2023 | +4.5% | +6.6% | +9.6% | |
| Q4 2022 | +7.4% | +4.7% | +2.1% | |
| Q3 2022 | +1.2% | +3.7% | +7.3% | |
| Q2 2022 | -4.4% | -4.1% | -10.8% | |
| Q1 2022 | +0.6% | +1.6% | -4.1% | |
| Q4 2021 | -5.5% | -4.5% | -0.2% | |
| Q3 2021 | -9.5% | -11.8% | -13.0% | |
| Q2 2021 | +3.8% | +3.8% | +15.7% | |
| Q1 2021 | -1.7% | -2.3% | +0.8% | |
| Q4 2020 | -3.7% | -3.6% | -5.1% | |
| Q3 2020 | +2.1% | +11.4% | +18.7% | |
| Q2 2020 | +0.7% | +0.6% | +4.4% | |
| Q1 2020 | -2.7% | -4.4% | +8.1% | |
| Q4 2019 | +2.8% | -1.8% | -32.0% | |
| Q3 2019 | +6.6% | +7.2% | +11.1% | |
| Q2 2019 | +0.2% | -1.6% | +6.5% | |
| Q1 2019 | -8.1% | -7.5% | -10.8% | |
| Q4 2018 | +16.1% | +17.7% | +17.8% | |
| Q3 2018 | +6.9% | +2.9% | +5.7% | |
| Q2 2018 | +3.3% | +3.4% | +9.1% | |
| Q1 2018 | +2.3% | +0.6% | +4.1% | |
| Q4 2017 | -6.9% | -6.5% | -11.1% | |
| Q3 2017 | +4.0% | +4.8% | +8.2% | |
| Q2 2017 | +3.7% | +4.2% | +3.7% | |
| Q1 2017 | +0.4% | +1.4% | +3.3% | |
| Q4 2016 | +3.7% | +4.3% | +1.3% | |
| Q3 2016 | -3.4% | -2.3% | +6.6% | |
| Q2 2016 | +15.4% | +20.2% | +8.2% | |
| Q1 2016 | +2.3% | — | — | |
| Q4 2015 | +15.7% | — | — | |
| Q3 2015 | +1.8% | — | — | |
| Q2 2015 | -1.4% | — | — | |
| Q1 2015 | -4.8% | — | — | |
| Q4 2014 | -10.7% | — | — | |
| Q3 2014 | -5.3% | — | — | |
| Q2 2014 | -4.4% | — | — | |
| Q1 2014 | +3.1% | — | — | |
| Q4 2013 | +9.3% | — | — | |
| Q3 2013 | -2.7% | — | — | |
| Q2 2013 | +7.2% | — | — | |
| Q1 2013 | -1.6% | — | — | |
| Q4 2012 | -10.8% | — | — | |
| Q3 2012 | -2.3% | — | — | |
| Q2 2012 | +4.5% | — | — | |
| Q1 2012 | -3.5% | — | — | |
| Q4 2011 | -1.4% | — | — | |
| Q3 2011 | +4.9% | — | — | |
| Q2 2011 | +0.5% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2010 | +1.0% | — | — | |
| Q3 2010 | -3.5% | — | — | |
| Q2 2010 | +2.2% | — | — | |
| Q1 2009 | -10.6% | — | — | |
| Q1 2010 | -2.0% | — | — | |
| Q4 2009 | -7.3% | — | — | |
| Q4 2007 | -7.3% | — | — | |
| Q3 2008 | -10.4% | — | — | |
| Q3 2009 | -10.4% | — | — | |
| Q4 2008 | -3.1% | — | — | |
| Q2 2008 | -3.1% | — | — | |
| Q2 2009 | -3.1% | — | — |
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