Garmin Ltd. Ups Guidance on Strong Double-Digit Q3 Growth in Fitness, Outdoor and Marine

October 30, 2024

Garmin Ltd. posted consolidated revenue of $1.59 billion for the third quarter ended September 28, a 24 percent increase compared to the prior-year third quarter.

Revenue from the Fitness segment increased 31 percent to $463.9 million in the third quarter with growth across all categories led by strong demand for wearables. Gross margin was 61 percent of sales and operating margins were 32 percent of sales in the segment, resulting in $148 million of operating income.

Revenue from the Outdoor segment increased 21 percent to $526.6 million in the third quarter primarily due to growth in adventure watches. Gross and operating margins were 68 percent and 40 percent, respectively, resulting in $209 million of operating income. SGB Media