Garmin Q1 revenue rises 20% to $1.38 billion; GAAP EPS up 36% to $1.43
Garmin reported first-quarter 2024 revenue of $1.38 billion, up 20% from the prior year quarter, with operating income of $298 million, up 51%. GAAP diluted EPS was $1.43 and pro forma diluted EPS was $1.42, up 39%. The company did not update its 2024 guidance of about $5.75 billion in revenue and $5.40 in pro forma EPS, and it reaffirmed a $3.00 per share annual dividend recommendation for the June 7, 2024 shareholder meeting.
Key points
- Net sales of $1.38 billion, up 20%; fitness segment up 40% and auto OEM up 58%
- GAAP diluted EPS of $1.43 (up 36%); pro forma diluted EPS of $1.42 (up 39%)
- Operating income of $298 million; operating margin 21.6% versus 17.2% a year earlier
- 2024 guidance not updated: revenue about $5.75 billion and pro forma EPS $5.40
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 01, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.