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Garmin reports record Q1 revenues across all segments

Published May 1, 2024

OLATHE, Kan. (BRAIN) — Garmin Ltd. first-quarter revenues grew 20% year-over-year — with all segments achieving record numbers during that period — while operating income increased 51%.

Consolidated revenues were a first-quarter record $1.38 billion, compared with $1.15 billion at the same time last year. Operating income of $298 billion also was a first-quarter record, increasing from $197 billion year-over-year.

"We attribute these noteworthy results to our strong product portfolio and the robust demand trends that we have been experiencing," said President and CEO Cliff Pemble. "We are pleased with our results and look forward to the opportunities ahead as the year continues to unfold."

Fitness net sales, which includes cycling products, increased 40% compared with the same time last year and were reported at $343 million.

The Auto OEM segment had the biggest year-over-year first-quarter jump of 58% ($129 million), followed by Fitness, Marine at 17% ($327 million), Outdoor at 11% ($366 million), and Aviation at 2% ($217 million).

Year-over-year net income for the first quarter increased 37%, from $202 million to $276 million. Earnings per share increased from $1.06 to $1.44 year-over-year.

Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quotes are available at

Topics associated with this article: Earnings/Financial Reports

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