Garmin announces first quarter 2024 results

Company reports record first quarter revenue and operating income

Schaffhausen, Switzerland/May 1, 2024/PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended March 30, 2024.

Highlights for first quarter 2024 include:

  • Consolidated revenue of $1.38 billion, a 20% increase compared to the prior year quarter
  • Achieved record first quarter revenue in four segments
  • Gross margin and operating margins expanded to 58.1% and 21.6%, respectively, compared to the prior year quarter
  • Operating income of $298 million, a 51% increase compared to the prior year quarter
  • GAAP EPS of $1.43 and pro forma EPS(1) of $1.42, representing 39% growth in pro forma EPS over the prior year quarter
  • Named 2024 Supplier of the Year by Independent Boat Builders, Inc.
  • Published our 2023 Garmin inReach® SOS Year in Review, highlighting the important role served by inReach devices in remote communications and emergency response coordination around the globe

View the PDF for the full press release and financial statements.

About Garmin Ltd.

Garmin Ltd. (NYSE: GRMN) is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark.

All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 30, 2023, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


Investor Relations Contact: Teri Seck
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]

Media Relations Contact: Krista Klaus
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]

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