Garmin Ltd.: Initiation Of Coverage – What Is Its Biggest Competitive Advantage? 

This is our first report on Garmin Ltd., leading producer of navigation and communication equipment. The company delivered strong growth in both consolidated revenue and profit for Q4 2023. Consolidated revenue rose by 13% to nearly $1.5 billion, breaking a new quarterly record with three of its business segments reporting double-digit growth. Gross and operating margins expanded yearly to 58% and 23% respectively, resulting in a record-breaking operating income of $340 million, and a 27% year-on-year increase. This prompted a pro forma EPS of $1.72, a 27% rise over the previous year.