Garmin, announcing its third-quarter results for the period ended September 28, 2024, said it would target higher revenue during the year.
Garmin, a leading smartwatch brand, has reported revenue of $1.59 billion, a 24 percent increase compared to Q3 2023.
Garmin has posted gross margin of 60 percent and operating margin of 27.6 percent. Garmin’s operating income was $437 million (up 62 percent). Garmin’s operating expenses totaled $514 million (up 12 percent), driven by personnel costs.
Garmin has generated $724 million from Americas, $613 from Europe, the Middle East and Africa (EMEA) and $249 million from Asia Pacific that includes China and India.
Garmin has raised guidance on revenue for 2024 to approximately $6.12 billion.
“We delivered another quarter of impressive financial results as our highly differentiated and innovative products resonate with customers.” Cliff Pemble, President and Chief Executive Officer of Garmin, said.
Garmin’s spending on research and development was $222 million, indicating its focus on innovation for customer experience.
Segment Performance:
Garmin’s Fitness revenue increased by 31 percent to $464 million, driven by strong demand for wearables. Garmin announced updates to Garmin Coach, including new training plans for cyclists.
Garmin’s Outdoor revenue rose by 21 percent to $527 million, led by growth in adventure watches. Garmin launched the fenix 8 series and Enduro 3 smartwatch, featuring advanced capabilities.
Garmin’s Aviation revenue grew by 3 percent to $205 million, primarily from aftermarket products. Garmin introduced Runway Occupancy Awareness for enhanced pilot safety.
Garmin’s Marine revenue increased by 22 percent to $222 million, largely due to the acquisition of JL Audio. Garmin announced new marine products and the acquisition of Lumishore for enhanced integration.
Garmin’s Auto OEM revenue surged by 53 percent to $169 million, driven by domain controller growth. Garmin launched Garmin-designed domain controllers for BMW Group car lines.
Baburajan Kizhakedath
