Garmin reported a fiscal year 2024 revenue increase of 20% to $6.3 billion, a record for the company. Each of its five segments, including marine, posted record full-year revenue. Gross margin expanded to 58.7%, compared with 57.5% in the prior year, and the company hit a record operating income of $1.59 billion, a 46% increase compared with the previous year.
For the fourth quarter, consolidated revenue was $1.82 billion, a 23% increase year-over-year. Gross margin rose to 59.3% from 58.3% in the prior-year quarter. Operating income was $516 million, a 52% increase.
Marine-segment revenue increased 5% in the fourth quarter, with growth across multiple categories. Net sales were $251 million. Gross and operating margins were 58% and 20%, respectively, resulting in $51 million of operating income — a 35% year-over-year increase from $37.2 million.
For the year, marine-segment revenues reached a record $1.07 billion, marking a 17% year-over-year gain over revenues of $916.9 million in 2023. Full-year gross profit for the segment was reported as $594.1 million, up 21% over the $491.2 million reported a year ago.
“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,” president and CEO Cliff Pemble said in a statement. “We are entering 2025 with continued strong momentum from our robust product lineup and have many product launches planned during the year.”
During the quarter, Garmin received a National Boating Safety Award from the Sea Tow Foundation for the fourth consecutive year. Its JL Audio subsidiary received an Innovation Award for its Pavilion line of outdoor home speakers from Home Technology Specialists of America, a consumer electronics trade group.
In its outlook, the company said it expects “full-year 2025 revenue of approximately $6.8 billion, an increase of approximately 8% over 2024. We expect our full-year pro forma EPS to be approximately $7.80 based upon gross margin of approximately 58.7%, operating margin of approximately 25% and pro forma effective tax rate of approximately 16.5%.”
