Garmin reports 20% increase for Q1 2024

Garmin Ltd. recently announced results for the first quarter ended March 30, 2024.

Highlights for first quarter 2024 include a consolidated revenue of $1.38 billion, a 20% increase compared to the prior year quarter, as well as achieving a record first quarter revenue across four segments of the company’s business. Garmin reported gross margin and operating margins expanded to 58.1% and 21.6%, respectively, compared to the prior year quarter.

“We delivered outstanding performance in the first quarter with double-digit percentage growth in revenue and operating income,” Garmin president and CEO Cliff Pemble said. “We attribute these noteworthy results to our strong product portfolio and the robust demand trends that we have been experiencing. We are pleased with our results and look forward to the opportunities ahead as the year continues to unfold.”

Garmin reported revenue from the marine segment increased 17% in the first quarter, which the company said was primarily driven by the acquisition of JL Audio. Gross and operating margins were 55% and 27%, respectively, resulting in $88 million of operating income.

Read the full Q1 2024 results for all of Garmin’s segments on the Garmin investors website.