The company said net sales for the 13-week period ended March 30, 2024 rose 20% from the year-ago period. Total unit sales were 3,890, up from 3,210 a year earlier, and the company attributed the difference between the unit sales growth and the revenue growth to shifts in segment and product mix.

10-QQuarterly reportFiled May 1, 2024Period of report Mar 30, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said net sales for the 13-week period ended March 30, 2024 rose 20% from the year-ago period. Total unit sales were 3,890, up from 3,210 a year earlier, and the company attributed the difference between the unit sales growth and the revenue growth to shifts in segment and product mix.
Garmin said gross profit dollars in Q1 2024 rose 23%. Consolidated gross margin increased 120 basis points, and the company said favorable product mix in certain segments was partially offset by unfavorable segment mix.
The company said operating income in Q1 2024 rose 51% from the year-ago quarter, and its share of revenue increased 440 basis points. It said net income was $276.0 million, compared with $202.3 million a year earlier, an increase of $73.7 million.
Garmin said cash provided by operating activities totaled $435.3 million in Q1 2024, up from $279.2 million a year earlier. As of March 30, 2024, it had approximately $3.3 billion of cash, cash equivalents and marketable securities.

Key figures

Quarter ended March 30, 2024

Revenue: $1.4B
Operating income: $298M
Net income: $276M
EPS: $1.43
Gross profit: $802M
Operating cash flow: $435M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2024 Net Sales Up 20%

The company said net sales for the 13-week period ended March 30, 2024 rose 20% from the year-ago period. Total unit sales were 3,890, up from 3,210 a year earlier, and the company attributed the difference between the unit sales growth and the revenue growth to shifts in segment and product mix.

Source · Based on the MD&A text of the filing

Gross Profit Up 23%, Gross Margin Up 120 basis points

Garmin said gross profit dollars in Q1 2024 rose 23%. Consolidated gross margin increased 120 basis points, and the company said favorable product mix in certain segments was partially offset by unfavorable segment mix.

Source · Based on the MD&A text of the filing

Operating Income Up 51%, Net Income $276.0 million

The company said operating income in Q1 2024 rose 51% from the year-ago quarter, and its share of revenue increased 440 basis points. It said net income was $276.0 million, compared with $202.3 million a year earlier, an increase of $73.7 million.

Source · Based on the MD&A text of the filing

Operating Cash Flow $435.3 million

Garmin said cash provided by operating activities totaled $435.3 million in Q1 2024, up from $279.2 million a year earlier. As of March 30, 2024, it had approximately $3.3 billion of cash, cash equivalents and marketable securities.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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