Garmin Ltd: Is Its Aviation & Wearables Expansion To Capture An Enormous Part Of The Market Share?

Garmin Limited, a leading provider of GPS navigation and wearable technology, reported robust financial performance for the fourth quarter of 2024 and the full fiscal year during its earnings call. The company announced a 23% year-over-year increase in consolidated revenue for the fourth quarter, reaching $1.82 billion. The growth was evenly distributed across its five business segments, each achieving record revenue. Garmin’s gross margin improved by 100 basis points to 59%, while operating income rose by 52%, resulting in an expanded operating margin of over 500 basis points to 28%. This led to a 40% increase in pro forma EPS to $2.41.