Garmin Ltd. (NYSE: GRMN), a leading global provider of navigation and wearable technology devices, reported remarkable financial results for the fourth quarter and full year 2024.

In the fourth quarter ended December 28, 2024, Garmin's revenue soared 23% year-over-year to $1.82 billion, surpassing analysts' estimates. The company's pro forma earnings per share (EPS) of $2.41 marked a 40% increase from the prior year, exceeding expectations as well.

For the full year 2024, Garmin achieved record revenue of $6.30 billion, a 20% increase compared to 2023. The company reported a record pro forma EPS of $7.39, representing a 32% growth over the previous year. All of Garmin's segments posted record full-year revenue, driven by strong demand across its fitness, outdoor, aviation, marine, and auto OEM product lines.

Garmin's CEO, Cliff Pemble, expressed his pride in the company's remarkable achievements, stating, "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."

Looking ahead to 2025, Garmin provided robust guidance, forecasting revenue of approximately $6.80 billion, an 8% increase over 2024. The company expects its full-year pro forma EPS to be approximately $7.80, based on an operating margin of approximately 25.0% and a pro forma effective tax rate of 16.5%.

In addition to the strong financial performance, Garmin announced a proposed 20% increase in its annual cash dividend. The Board of Directors plans to recommend a dividend of $3.60 per share, payable in four equal installments, subject to shareholder approval at the annual meeting on June 6, 2025.