Garmin beat estimates and raised its outlook for the full year when it reported its third quarter financial report.

The company posted consolidated revenue of $1.59 billion for the quarter, a 24% increase year-over-year. Gross and operating margins expanded to 60% and 27.6%, respectively. Operating income was $437 million, a 62% increase compared with the prior year. On a year-over-year basis, earnings rose 41%, while sales increased 24%.

“We delivered another quarter of impressive financial results as our highly differentiated and innovative products resonate with customers, and we successfully leveraged growth opportunities across market segments and geographies,” president and CEO Cliff Pemble said in a statement. “We are raising our 2024 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season.”

Marine segment revenue increased 22% year-over-year to $222 million in the quarter, driven primarily by the acquisition of JL Audio. Gross and operating margins were 55% and 17%, respectively, resulting in $38 million of operating income. Garmin also recently announced its acquisition of LED lighting manufacturer Lumishore.

Fitness segment revenue increased 31%, with growth across all categories led by strong demand for wearables. Gross and operating margins were 61% and 32%, respectively, resulting in $148 million of operating income.

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

Revenue from the aviation segment increased 3% in the third quarter with growth driven by aftermarket product categories. Revenue from the auto OEM segment increased 53% during the primarily driven by growth in domain controllers.

The company is adjusting its full-year guidance upward and now anticipates revenue of approximately $6.12 billion and pro forma EPS of $6.85 based on a gross margin of 58.5%, operating margin of 24%, and a full-year effective tax rate of 16.5%.