Garmin (NYSE:GRMN) First Quarter 2024 Results

Key Financial Results

• Revenue: US$1.38b (up 20% from 1Q 2023).
• Net income: US$276.0m (up 36% from 1Q 2023).
• Profit margin: 20% (up from 18% in 1Q 2023). The increase in margin was driven by higher revenue.
• EPS: US$1.44 (up from US$1.06 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Garmin Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 47%.

Looking ahead, revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Consumer Durables industry in the US.

Performance of the American Consumer Durables industry.

The company's shares are up 14% from a week ago.

Risk Analysis

You still need to take note of risks, for example - Garmin has 1 warning sign we think you should be aware of.

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