Garmin announces third quarter 2024 results

Pro forma net income (earnings) per share

Management believes net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure to permit a consistent comparison of the Company's performance between periods.

(In thousands, except per share information)


13-Weeks Ended



39-Weeks Ended




September 28,



September 30,



September 28,



September 30,




2024



2023



2024



2023


GAAP net income


$

399,111



$

257,243



$

975,703



$

747,509


Foreign currency gains / losses(1)



(18,131)




11,539




(15,584)




(6,946)


Tax effect of foreign currency gains / losses(2)



3,249




(828)




2,690




574


Pro forma discrete tax item(3)






2,269







2,269


Pro forma net income


$

384,229



$

270,223



$

962,809



$

743,406



















GAAP net income per share:

















Basic


$

2.08



$

1.34



$

5.08



$

3.91


Diluted


$

2.07



$

1.34



$

5.06



$

3.90



















Pro forma net income per share:

















Basic


$

2.00



$

1.41



$

5.01



$

3.88


Diluted


$

1.99



$

1.41



$

4.99



$

3.88



















Weighted average common shares outstanding:

















Basic



192,201




191,435




192,055




191,409


Diluted



193,171




191,868




192,940




191,772




(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity.  However, there is minimal cash impact from such foreign currency gains and losses.



















(2) The tax effect of foreign currency gains was calculated using the effective tax rate of 17.9% and 17.3% for the 13-weeks and 39-weeks ended September 28, 2024 and 7.2% and 8.3% for the 13-weeks and 39-weeks ended September 30, 2023.



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