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Garmin GRMN is scheduled to report fourth-quarter 2024 results before market open on Feb. 19.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The Zacks Consensus Estimate for Garmin’s fourth-quarter 2024 earnings is pegged at $1.89 per share, implying a year-over-year increase of 9.88%.
Garmin’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 28.51%.
The Zacks Consensus Estimate for Garmin’s fourth-quarter 2024 revenues is pegged at $1.68 billion, suggesting year-over-year growth of 13.42%.
Let’s see how things have shaped up for this announcement.
Garmin Ltd. Price and EPS Surprise
Garmin Ltd. price-eps-surprise | Garmin Ltd. Quote
Key Factors to Note for Garmin
Garmin’s expanding portfolio is expected to have been the key catalyst for its top-line growth in the fourth quarter of 2024.
In the fitness segment, strong demand for advanced wearables and its robust lineup of recently introduced wellness products like HRM 200, Descent G2, Approach G20 Solar, Approach S44 and S50, Instinct 3 and Lily 2 Active are expected to have aided its revenue growth in the quarter under review.
The Zacks Consensus Estimate for the Fitness segment is pegged at $438.7 million, indicating 6.5% year-over-year growth.
Strong momentum across its wearables offerings and inReach SOS service, Garmin Response, is expected to have positively impacted the Outdoor segment’s performance in the to-be-reported quarter. Latest launches, including the tactix 8 smartwatch, Montana handheld GPS, Descent X50i and Approach R50, are expected to have brought in more customers, driving revenues further.
The consensus estimate for Outdoor revenues is pegged at $544.1 million, suggesting growth of 11.9% year over year.
Strength in the Marine segment, driven by its JL Audio business and its robust portfolio of newly launched products like APK 10 Autopilot Keypad, Fusion Apollo Marine Speakers and SERV+ display, is likely to have boosted the company’s performance in the fourth quarter. Moreover, the acquisition of Lumishore, a provider of marine LED lighting, is expected to have added market share and also contributed to GRMN’s top line in the to-be-reported quarter.
The consensus estimate for Marine revenues is pinned at $248.7 million, up 3.7% from the figure reported in the year-ago quarter.
Growing momentum across OEM equipment categories, driven by increased demand in private air travel, is expected to have bolstered the Aviation segment’s performance in the to-be-reported quarter.