Garmin Ltd. Files Q3 2024 10-Q Report
Ticker: GRMN · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1121788
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Garmin's Q3 10-Q is in, check financials for latest performance.
AI Summary
Garmin Ltd. filed its 10-Q for the period ending September 28, 2024. The filing covers financial results and operational updates for the third quarter. Key financial data and segment performance are detailed within the report, providing insights into the company's financial health and strategic direction.
Why It Matters
This filing provides investors with the latest financial performance data for Garmin, crucial for understanding the company's trajectory and making informed investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Numbers
- 20240928 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 20241030 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- Garmin Ltd. (company) — Filer of the 10-Q report
- September 28, 2024 (date) — End of the reporting period
- 20241030 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ending September 28, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 30, 2024.
What is Garmin Ltd.'s Central Index Key (CIK)?
Garmin Ltd.'s Central Index Key is 0001121788.
What is the Standard Industrial Classification (SIC) code for Garmin Ltd.?
Garmin Ltd.'s SIC code is 3812, for Search, Detection, Navigation, Guidance, Aeronautical Systems.
What is the fiscal year end for Garmin Ltd.?
Garmin Ltd.'s fiscal year ends on December 28.
Filing Stats: 4,279 words · 17 min read · ~14 pages · Grade level 18.7 · Accepted 2024-10-30 07:00:23
Key Financial Figures
- $0.10 — 12(b) of the Act: Registered Shares, $0.10 Per Share Par Value GRMN New York S
Filing Documents
- grmn-20240928.htm (10-Q) — 2314KB
- grmn-ex10_1.htm (EX-10.1) — 235KB
- grmn-ex10_2.htm (EX-10.2) — 70KB
- grmn-ex10_3.htm (EX-10.3) — 75KB
- grmn-ex10_4.htm (EX-10.4) — 67KB
- grmn-ex10_5.htm (EX-10.5) — 82KB
- grmn-ex10_6.htm (EX-10.6) — 72KB
- grmn-ex10_7.htm (EX-10.7) — 86KB
- grmn-ex10_8.htm (EX-10.8) — 74KB
- grmn-ex31_1.htm (EX-31.1) — 13KB
- grmn-ex31_2.htm (EX-31.2) — 13KB
- grmn-ex32_1.htm (EX-32.1) — 9KB
- grmn-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-118582.txt ( ) — 9232KB
- grmn-20240928.xsd (EX-101.SCH) — 774KB
- grmn-20240928_htm.xml (XML) — 1780KB
- Financial Information
Part I - Financial Information 1 Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Statements of Income for the 13-Weeks and 39-Weeks ended September 28, 2024 and September 30, 2023 (Unaudited) 1 Condensed Consolidated Statements of Comprehensive Income for the 13-Weeks and 39-Weeks ended September 28, 2024 and September 30, 2023 (Unaudited) 2 Condensed Consolidated Balance Sheets at September 28, 2024 and December 30, 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the 39-Weeks ended September 28, 2024 and September 30, 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the 13-Weeks and 39-Weeks ended September 28, 2024 and September 30, 2023 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.
Controls and Procedures
Controls and Procedures 23
- Other Information
Part II - Other Information 24 Item 1.
Legal Proceedings
Legal Proceedings 24 Item 1A.
Risk Factors
Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 25 Item 6. Exhibits 26 Signature Page 27 i
- Financial Information
Part I - Financial Information Item I - Condensed Consolidated Financial Statements Garmin Ltd. and Subsidiaries Condensed Consolidated State ments of Income (Unaudited) (In thousands, except per share information) 13-Weeks Ended 39-Weeks Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 1,586,022 $ 1,277,531 $ 4,474,342 $ 3,745,751 Cost of goods sold 634,423 548,962 1,857,712 1,604,945 Gross profit 951,599 728,569 2,616,630 2,140,806 Research and development expense 249,162 221,572 734,848 667,451 Selling, general and administrative expenses 264,962 236,628 803,869 721,649 Total operating expense 514,124 458,200 1,538,717 1,389,100 Operating income 437,475 270,369 1,077,913 751,706 Other income (expense): Interest income 28,830 19,803 83,143 54,461 Foreign currency gains (losses) 18,131 ( 11,539 ) 15,584 6,946 Other income 1,814 938 2,623 4,206 Total other income (expense) 48,775 9,202 101,350 65,613 Income before income taxes 486,250 279,571 1,179,263 817,319 Income tax provision 87,139 22,328 203,560 69,810 Net income $ 399,111 $ 257,243 $ 975,703 $ 747,509 Net income per share: Basic $ 2.08 $ 1.34 $ 5.08 $ 3.91 Diluted $ 2.07 $ 1.34 $ 5.06 $ 3.90 Weighted average common shares outstanding: Basic 192,201 191,435 192,055 191,409 Diluted 193,171 191,868 192,940 191,772 See accompanying notes. 1 Garmin Ltd. and Subsidiaries Condensed Consolidated Statements o f Comprehensive Income (Unaudited) (In thousands) 13-Weeks Ended 39-Weeks Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net income $ 399,111 $ 257,243 $ 975,703 $ 747,509 Foreign currency translation adjustment 62,176 ( 48,342 ) ( 17,199