Garmin Ltd.: Will The Acquisition of LED Lighting Leader Lumishore & Strategic Product Expansion Be A Game Changer? 

Garmin Limited reported a strong third-quarter performance for 2024, marking a period of substantial growth and financial success. The company’s consolidated revenue increased by 24% to $1.59 billion, achieving a new third[1]quarter record with record revenue across all five business segments. Importantly, gross margin expanded by 300 basis points reaching 60%, while operating income surged 62% year-over-year. This resulted in an operating margin expansion of 640 basis points to 27.6%, reflecting robust operational leverage and improved gross margins. Pro forma earnings per share (EPS) also saw a significant increase of 41%, amounting to $1.99.