Analyst Consensus ?
ConsensusHold28 ratings
Bullish621.4%
Neutral2071.4%
Bearish27.2%
Garmin Ltd. · GRMN · FY2024 Q3 · Calendar Q4 2024
Garmin Raises 2024 Outlook on Wearables and Marine Strength
The supplied analysis supports a constructive earnings trajectory: strong wearable and marine demand, product launches, share gains, and raised guidance outweighed identified risks. The main evidence against a uniformly positive view is auto OEM softness, inventory buildup, and uncertainty around the durability of elevated margins.
Reported Before market openNYSETechnology
$54.92B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.99
Consensus $1.44
EPS surprise
+38.2%
Reported versus consensus
Reported revenue
$1.59B
Consensus $1.44B
Revenue surprise
+9.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+23.2%
Event window
SPY move
-0.3%
Same window
Abnormal move
+23.5%
Stock minus SPY
Volume
4.0×
Versus trailing sessions
Subsequent drift
+3.5%
Up to 20 sessions
GRMNSPY benchmark
Ask FN2 about GRMN FY2024 Q3
Transcript, numbers and history already loaded
Why did GRMN rise 23.2% after beating EPS estimates in FY2024 Q3?What changed in GRMN's guidance and outlook in FY2024 Q3?Give me the bull and bear case for GRMN after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Garmin’s current analysis shifts the story from the prior quarter’s broad growth and raised outlook to a record Q3, further guidance increases, and margin expansion, while making auto OEM softness and inventory more prominent risks.
Guidance delta
Management raised full-year 2024 guidance to $6.12B of revenue and $6.85 EPS, from the prior quarter’s $5.95B and $6.00.
Key takeaways
- Q3 revenue reached a record $1.59B, up 24% year over year, with margin expansion across segments.
- Wearables, marine, and new products were central to the quarter’s growth narrative.
- Garmin said it gained advanced-wearables market share in Europe and globally.
- Auto OEM remained a clear counterpoint, with softer conditions prompting a lower growth estimate.
- The Lumishore acquisition broadened the marine portfolio, while inventory buildup remains a watchpoint.
Management priorities
- Roll out the fenix 8 and Enduro product lines
- Expand Garmin Health services and corporate-wellness offerings
- Extend inReach satellite-communication features
- Integrate Lumishore LED lighting into marine products
- Develop aviation and auto OEM platforms while reassessing the auto OEM outlook
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$286.16Current
$140Low
$270.1Average
$370High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 20, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Tigress Financial | Strong Buy | Strong Buy | Maintain | Aug 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 30, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 30, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 16, 2026 |
| Longbow Research | Buy | Neutral | Upgrade | Dec 3, 2025 |
| B of A Securities | Underperform | Neutral | Downgrade | May 22, 2024 |
| Barrington Research | Equal Weight | Equal Weight | Maintain | Feb 22, 2024 |
| Keybanc | Equal Weight | Sector Weight | Maintain | Apr 19, 2023 |
| Deutsche Bank | Buy | Hold | Upgrade | Jan 5, 2022 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 29, 2021 |
| CFRA | Hold | Hold | Maintain | Apr 29, 2020 |
| Baird | Neutral | Neutral | Maintain | Feb 22, 2018 |
| Goldman Sachs | Neutral | Sell | Upgrade | Mar 6, 2017 |
| Raymond James | Market Perform | Outperform | Downgrade | Aug 22, 2016 |
| Bank of America | Underperform | Buy | Downgrade | Aug 4, 2016 |
| Citigroup | Neutral | Sell | Upgrade | Oct 29, 2015 |
| Dougherty & Co. | Neutral | Buy | Downgrade | Oct 15, 2015 |
| Dougherty | Neutral | Buy | Downgrade | Oct 15, 2015 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Sep 28, 2015 |
| DA Davidson | Neutral | Neutral | Maintain | Sep 14, 2015 |
| Oppenheimer | Market Perform | Outperform | Downgrade | Mar 16, 2015 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Feb 20, 2015 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Jan 26, 2015 |
| Pacific Crest | Sector Perform | Underperform | Upgrade | Jan 14, 2015 |
| Wells Fargo | Market Perform | Outperform | Downgrade | Feb 20, 2014 |
| Midtown Partners | Neutral | Neutral | Maintain | Nov 1, 2013 |
| William Blair | Outperform | Outperform | Maintain | Feb 15, 2013 |
| Wedbush | Outperform | Neutral | Upgrade | Aug 2, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $286.16. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Arete Research | Richard Kramer | $335 | $276.41 | +17.1% | Oct 14, 2026 |
| UBS | Analyst unavailable | $370 | $301.94 | +29.3% | Aug 6, 2026 |
| Morgan Stanley | Analyst unavailable | $289 | $291.65 | +1.0% | Jul 30, 2026 |
| Barclays | Tim Long | $297 | $294.83 | +3.8% | Jul 30, 2026 |
| Tigress Financial | Analyst unavailable | $325 | $237.45 | +13.6% | May 20, 2026 |
| Morgan Stanley | Analyst unavailable | $249 | $250.6 | -13.0% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $238 | $253.08 | -16.8% | Apr 30, 2026 |
| Tigress Financial | Analyst unavailable | $320 | $242.46 | +11.8% | Feb 20, 2026 |
| Barclays | Analyst unavailable | $240 | $237.46 | -16.1% | Feb 19, 2026 |
| Morgan Stanley | Erik Woodring | $252 | $237.46 | -11.9% | Feb 19, 2026 |
| Barclays | Analyst unavailable | $217 | $212.6 | -24.2% | Jan 16, 2026 |
| Tigress Financial | Analyst unavailable | $310 | $202.74 | +8.3% | Dec 19, 2025 |
| Barclays | Analyst unavailable | $208 | $219.61 | -27.3% | Oct 30, 2025 |
| Tigress Financial | Ivan Feinseth | $305 | $245.53 | +6.6% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $193 | $236.05 | -32.6% | Sep 19, 2025 |
| Tigress Financial | Ivan Feinseth | $215 | $171.76 | -24.9% | Sep 19, 2024 |
| Barclays | Tim Long | $133 | $182.76 | -53.5% | Sep 13, 2024 |
| Tigress Financial | Ivan Feinseth | $210 | $170.18 | -26.6% | May 14, 2024 |
| Tigress Financial | Analyst unavailable | $165 | $97.6 | -42.3% | Aug 5, 2022 |
| Morgan Stanley | Analyst unavailable | $96 | $96.57 | -66.5% | Jul 28, 2022 |
| Morgan Stanley | Erik Woodring | $115 | $96.72 | -59.8% | Jun 14, 2022 |
| Tigress Financial | Ivan Feinseth | $208 | $106.03 | -27.3% | May 6, 2022 |
| Deutsche Bank | Jeffrey Rand | $150 | $109.74 | -47.6% | Apr 30, 2022 |
| Bank of America Securities | Ronald Epstein | $140 | $119.61 | -51.1% | Mar 18, 2022 |
| Tigress Financial | Ivan Feinseth | $205 | $110.44 | -28.4% | Feb 28, 2022 |
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Start freeCompany context
Snapshot as of publicationGarmin Ltd. specializes in the design, development, manufacturing, marketing, and global distribution of diverse wireless products and solutions. Its operations span across North and South America, the Asia Pacific region, the Australian Continent, Europe, the Middle East, and Africa. The company's offerings are organized into several key segments: Fitness: This division caters to athletes and active individuals with products like specialized running and multi-sport watches, cycling computers, activity trackers, smartwatches, and various fitness-related accessories. Additionally, it supports these offerings with its Garmin Connect web and mobile platforms, alongside Connect IQ, an ecosystem for app development. Outdoor: Garmin's Outdoor category features rugged adventure watches, portable GPS devices, golf-specific instruments and accompanying mobile applications, plus specialized dog tracking and training systems.…
Historical context
All GRMN earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| WIT Wipro Limited | FY2027 Q2 · Calendar Q4 2026 | -25.0% | +3.9% | Wipro: AI pipeline expands as Q3 guidance stays narrow |
| TSM Taiwan Semiconductor Manufacturing Company Limited | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -1.8% | TSMC beats Q3 guidance as AI demand drives fab expansion |
| ERIC Telefonaktiebolaget LM Ericsson (publ) | FY2026 Q3 · Calendar Q4 2026 | +28.6% | +11.8% | Ericsson Q3: 7% organic growth, resilient margins and AI-led demand |
Latest beats and misses
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Missed on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-20T01:00:44.658837+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-20T01:00:44.655990+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-20. For educational purposes only; not investment advice.