Every material Form 8-K Garmin filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Garmin reported fiscal third-quarter 2024 revenue of $1.59 billion, up 24% from a year earlier, with GAAP diluted EPS of $2.07 and pro forma diluted EPS of $1.99, up 41%. The company raised its full-year 2024 outlook to approximately $6.12 billion in revenue and $6.85 in pro forma EPS, which matters to shareholders because it signals stronger expected earnings for the year.
Third-quarter operating income was $437 million, up 62% from the prior year quarter
Full-year 2024 guidance: revenue of approximately $6.12 billion and pro forma EPS of $6.85
Next dividend of $0.75 per share has a record date of December 13, 2024 and a payment date of December 27, 2024
Garmin reported fiscal second quarter 2024 revenue of $1.51 billion, up 14% from the prior year quarter, with GAAP diluted EPS of $1.56 and pro forma diluted EPS of $1.58, up 9%. The company raised its full-year 2024 guidance to revenue of approximately $5.95 billion and pro forma EPS of $6.00, which points to higher expected results for shareholders.
Q2 2024 net sales were $1,506,671 thousand, up 14%, with Fitness up 28%, Marine up 26% and Auto OEM up 41%, while Outdoor fell 2%
GAAP diluted EPS was $1.56 versus $1.50, and pro forma diluted EPS was $1.58 versus $1.45
Full-year 2024 guidance now calls for revenue of approximately $5.95 billion and pro forma EPS of $6.00
Quarterly dividend of $0.75 per share has a record date of September 13, 2024 and a payment date of September 27, 2024
Garmin said Patrick Desbois and Brad Trenkle will become co-Chief Operating Officers effective July 1, 2024, a newly created role. Both will report to CEO Cliff Pemble, who will focus on long-term growth strategy, organizational development, and the finance and legal functions.
Desbois will oversee the aviation and auto OEM segments, global supply chain and operations, information technology, and human resources.
Trenkle will oversee the consumer business segments, engineering innovation and support, and global consumer sales, marketing and creative.
Desbois's annual base salary remains $875,000 and Trenkle's remains $550,000; the filing states no change to these salaries.
At its June 7, 2024 annual general meeting, Garmin shareholders approved a $3.00 per share cash dividend, payable in four equal installments, and re-elected and elected board members. They also approved an amended equity incentive plan that raises the authorized shares from 13,000,000 to 18,000,000. The votes were routine governance matters, and the company set the first $0.75 dividend payment for June 28, 2024.
Dividend: $3.00 per share in four $0.75 installments; first payment June 28, 2024 to holders of record June 17, 2024
Equity Incentive Plan: authorized shares increased from 13,000,000 to 18,000,000; approved with 139,018,656 votes for and 2,802,679 against
Board: Min H. Kao re-elected as Executive Chairman with 133,249,669 votes for and 8,603,652 against
Remaining installments expected September 27, December 27, 2024 and March 28, 2025
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.
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
Garmin disclosed that General Counsel Andrew R. Etkind informed the board on April 2, 2024, that he intends to step down from that role effective July 1, 2024. Joshua H. Maxfield will become Vice President, General Counsel and Assistant Secretary, and Etkind will remain Vice President and Secretary. The filing describes an internal leadership handover and does not report any financial results or impact on company guidance.
Andrew R. Etkind informed the board on April 2, 2024 of his intention to step down as General Counsel
Step-down is effective July 1, 2024
Joshua H. Maxfield will assume the role of Vice President, General Counsel and Assistant Secretary
Etkind will continue as Vice President and Secretary after July 1, 2024
Garmin reported fourth quarter 2023 revenue of $1.48 billion, up 13%, and full year 2023 revenue of $5.23 billion, up 8%, with pro forma diluted EPS of $5.59, up 9%. For 2024, the company expects revenue of about $5.75 billion but pro forma EPS of about $5.40, below its 2023 pro forma EPS, and it proposed a $3.00 per share dividend and a new $300 million share repurchase authorization.
Q4 2023 revenue was $1.48 billion, up 13%, and GAAP diluted EPS was $2.82 versus $1.53 a year earlier, including a $181 million Switzerland deferred tax benefit.
Full year 2023 pro forma diluted EPS was $5.59, up 9% from $5.13 in 2022.
2024 guidance calls for revenue of about $5.75 billion, up about 10%, and pro forma EPS of about $5.40.
The Board intends to recommend a $3.00 per share dividend for 2024, payable in four $0.75 installments, and authorized up to $300 million in share repurchases through December 26, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Garmin filing is on SEC EDGAR ↗. 8-K briefs of other companies →