GRMN Earnings: Gramin reports higher Q4 sales and adjusted earnings

Garmin Ltd. (NASDAQ: GRMN), a leading manufacturer of GPS-enabled electronic products, on Wednesday reported an increase in sales and proforma earnings for the fourth quarter of 2024.

Net sales increased 23% year-over-year to $1.82 billion in the December quarter, reflecting growth across all operating divisions and geographical segments.

On a pro forma basis, net income was $466.3 million or $2.41 per share in the fourth quarter, compared to $330.9 million or $1.72 per share in Q4 2023. Meanwhile, reported profit decreased to $435.7 million or $2.25 per share in the December quarter from $542.1 million or $2.82 per share in the year-ago quarter.

Cliff Pemble, CEO of Garmin, said, “2024 was a year of remarkable growth and achievement for Garmin, resulting in record full-year consolidated revenue and record full-year revenue in all five of our segments, as well as record full-year consolidated operating income.”