Record quarter for Garmin as sales up 20%

Electronics manufacturer Garmin has reported a record first-quarter revenue and operating income, with consolidated revenues of $1.38bn in the first quarter of 2024. This represents a 20 per cent increase year-on-year, including a 17 per cent gain in marine sales.

The Kansas, US-based firm has achieved record Q1 revenue in four segments, according to results released on Wednesday (1 May 2024).

Garmin Q1 results 2024

The firm’s gross margin and operating margins have expanded to 58.1 per cent and 21.6 per cent, respectively, compared to the prior-year quarter.

Operating income has increased to $298m, up by 51 per cent compared to the prior-year quarter. Total operating expenses in the quarter were $504m, an 11 per cent increase year-on-year.

Research and development increased 10 per cent, primarily due to engineering personnel costs. Selling, general and administrative expenses increased 11 per cent driven primarily by personnel-related costs, including the impact of the acquisition of JL Audio.

Revenue from the marine segment increased 17 per cent in the first quarter, primarily driven by the acquisition of JL Audio.

Gross and operating margins were 55 per cent and 27 per cent, respectively, resulting in $88m of operating income.

During the quarter, Garmin launched the GPSMAP 16×3 chartplotters and launched Panoptix PS70, its first deep water live sonar.

“We delivered outstanding performance in the first quarter with double-digit percentage growth in revenue and operating income,” says Cliff Pemble, Garmin‘s president and CEO. “We attribute these noteworthy results to our strong product portfolio and the robust demand trends that we have been experiencing.

“We are pleased with our results and look forward to the opportunities ahead as the year continues to unfold.”