OLATHE, Kan. (BRAIN) — Garmin reported record consolidated revenue for 2024 buoyed by a year-over-year 23% increase in the fourth quarter that was led by Fitness segment sales.
For the year, Garmin's consolidated revenue was $6.3 billion, up 20% from the $5.2 billion reported in 2023. For the quarter ending Dec. 28, consolidated revenue was $1.8 billion, compared with $1.5 billion at the same time last year.
Fitness segment sales, which includes cycling products, had the most year-over-year revenue growth in the fourth quarter at 31%, going from $412 million to $539 million. For the year, Fitness grew 32% compared with 2023, from $1.3 billion to $1.8 billion. Garmin said strong demand for wearables drove the quarter's growth.
"We are entering 2025 with continued strong momentum from our robust product lineup and have many product launches planned during the year," said Cliff Pemble, Garmin president and CEO.
The company said it will propose a 20% dividend increase.
Fourth-quarter year-over-year net income decreased 19.5%, from $542 million to $436 million, and earnings per share decreased from $2.83 to $2.27. For the year, net income increased 7.7%, from $1.3 billion to $1.4 billion compared with 2023. Earnings per share for the year went up from $6.74 to $7.35.
Garmin's corporate headquarters is in Olathe. Its stock is traded on the Nasdaq under the GRMN symbol. Stock quotes are available at Marketwatch.com.
