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Garmin announces fourth quarter and fiscal year 2024 results

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Reports record full-year revenue and profit, and proposes a 20% dividend increase

SCHAFFHAUSEN, Switzerland, Feb. 19, 2025 /PRNewswire/ — Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 28, 2024.

Highlights for fourth quarter 2024 include:

Consolidated revenue of $1.82 billion, a 23% increase compared to the prior year quarterGross margin expanded to 59.3% from 58.3% in the prior year quarterOperating margin expanded to 28.3% compared to 23.0% in the prior year quarterOperating income was $516 million, a 52% increase compared to the prior year quarterGAAP EPS of $2.25 and pro forma EPS(1) of $2.41, representing 40% growth in pro forma EPS over the prior year quarterShipped over 300 million units since inceptionRunway Occupancy Awareness technology honored with a prestigious Laureate Award from Aviation Week NetworkGarmin ranked No. 1 for the 21st consecutive year in Professional Pilot’s Avionics Manufacturers Product Support SurveyLaunched the Approach® R50, portable golf launch monitor with a built-in simulatorLaunched the Descent™ X50i, our first large-format dive computer

Highlights for fiscal year 2024 include:

Celebrated our 35th year anniversary of creating innovative productsRecord consolidated revenue of $6.30 billion, a 20% increase compared to the prior yearAll segments posted record full-year revenueGross margin expanded to 58.7% compared to 57.5% in the prior yearOperating margin expanded to 25.3% compared to 20.9% in the prior yearRecord operating income of $1.59 billion, a 46% increase compared to the prior yearGAAP EPS of $7.30 and record pro forma EPS(1) of $7.39, representing 32% growth in pro forma EPS over the prior year

(In thousands, except per share information)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

YoY

December 28,

December 30,

YoY

2024

2023

Change

2024

2023

Change

Net sales

$

1,822,560

$

1,482,501

23

%

$

6,296,903

$

5,228,252

20

%

Fitness

539,305

412,076

31

%

1,774,487

1,344,637

32

%

Outdoor

629,373

486,378

29

%

1,961,990

1,697,151

16

%

Aviation

236,875

217,134

9

%

876,614

846,329

4

%

Marine

251,259

239,886

5

%

1,073,192

916,911

17

%

Auto OEM

165,748

127,027

30

%

610,620

423,224

44

%

Gross profit

1,079,926

864,149

25

%

3,696,555

3,004,955

23

%

Gross margin %

59.3

%

58.3

%

58.7

%

57.5

%

Operating income

516,082

340,454

52

%

1,593,994

1,092,160

46

%

Operating margin %

28.3

%

23.0

%

25.3

%

20.9

%

GAAP diluted EPS

$

2.25

$

2.82

(20)

%

$

7.30

$

6.71

9

%

Pro forma diluted EPS (1)

$

2.41

$

1.72

40

%

$

7.39

$

5.59

32

%

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“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. We are entering 2025 with continued strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2024 and look forward to all that 2025 will bring.” – Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 31% in the fourth quarter with growth across all categories led by strong demand for wearables. Gross and operating margins were 57% and 30%, respectively, resulting in $159 million of operating income. During the quarter, we launched Lily® 2 Active, our smallest smartwatch with GPS, featuring a timeless design and up to nine days of battery life in smartwatch mode. We also recently released our 2024 Connect Fitness Report which highlights overall health and fitness trends of our customers around the world.

Outdoor:

Revenue from the outdoor segment increased 29% in the fourth quarter with growth led by adventure watches. Gross and operating margins were 67% and 40%, respectively, resulting in $251 million of operating income. During the quarter, we launched the Approach R50, the only portable golf launch monitor with a built-in simulator, featuring a 10″ built-in color touchscreen display and more than 43,000 preloaded golf courses worldwide. We also launched the Descent X50i, our largest dive computer with a vivid 3″ color display providing rich information that is readable at a glance.

Aviation:

Revenue from the aviation segment grew 9% in the fourth quarter with growth contributions from both the OEM and aftermarket product categories. Gross and operating margins were 75% and 27%, respectively, resulting in $64 million of operating income. During the quarter, Textron Aviation announced the G3000® PRIME integrated flight deck with Autoland for the Cessna Citation CJ4 Gen3. Also, the G3000 PRIME has been selected by BETA Technologies for the ALIA conventional take-off and landing electric aircraft, which conducted its inaugural flight during the quarter.

Marine:

Revenue from the marine segment increased 5% in the fourth quarter with growth across multiple categories. Gross and operating margins were 58% and 20%, respectively, resulting in $51 million of operating income. During the quarter, Garmin was awarded a 2024 National Boating Safety Award from the Sea Tow Foundation for the fourth consecutive year. Also during the quarter, JL Audio® received an Innovation Award for its Pavilion line of outdoor home speakers from Home Technology Specialists of America, Inc., a leading consumer electronics trade group.  

Auto OEM:

Revenue from the auto OEM segment increased 30% during the fourth quarter due to increased shipments of domain controllers. Gross margin was 17%, and we recorded an operating loss of $9 million in the quarter. Our Unified Cabin domain controller solution was recognized as a Consumer Electronics Show 2025 Innovation Award Honoree in the in-vehicle entertainment category.

Additional Financial Information:

Total operating expenses in the fourth quarter were $564 million, an 8% increase over the prior year, primarily driven by higher personnel-related costs. 

In the fourth quarter of 2024, we reported $80 million of income tax expense, representing an effective tax rate of 15.6%. In the fourth quarter of 2023, we reported a $159 million income tax benefit. Excluding $181 million of income tax benefit due to the revaluation of certain Switzerland deferred tax assets, and $12 million of income tax benefit due to auto OEM manufacturing tax incentives in Poland, our pro forma effective tax rate(1) in the fourth quarter of 2023 was 9.0%. The increase in the current quarter effective tax rate compared to the prior year pro forma tax rate is primarily due to an increase in the combined federal and cantonal Switzerland statutory tax rate in response to global minimum tax requirements. 

In the fourth quarter of 2024, we generated operating cash flow of $484 million and free cash flow(1) of $399 million. We paid a quarterly dividend of approximately $144 million and repurchased $33 million of the Company’s shares within the quarter, leaving approximately $238 million remaining as of December 28, 2024 in the share repurchase program authorized through December 2026. We ended the quarter with cash and marketable securities of approximately $3.7 billion.

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.

2025 Fiscal Year Guidance(2):

We expect full-year 2025 revenue of approximately $6.80 billion, an increase of approximately 8% over 2024. We expect our full-year pro forma EPS to be approximately $7.80 based upon gross margin of approximately 58.7%, operating margin of approximately 25.0% and pro forma effective tax rate of approximately 16.5%.

2025 Guidance

Revenue

$6.80B

Gross Margin

58.7 %

Operating Margin

25.0 %

Pro forma Effective Tax Rate

16.5 %

Pro forma EPS

$7.80

(2)

All amounts and %’s in the above 2025 Guidance table are approximate. Also, see attached discussion on Forward-looking Financial Measures.

Dividend Recommendation:

The Board of Directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 6, 2025, a cash dividend in the amount of $3.60 per share, payable in four equal installments on dates to be determined by the Board. The Board currently anticipates the scheduling of the dividend in four installments as follows:

Dividend Date

Record Date

Dividend Per Share

June 27, 2025

June 16, 2025

$0.90

September 26, 2025

September 12, 2025

$0.90

December 26, 2025

December 12, 2025

$0.90

March 27, 2026

March 13, 2026

$0.90

In addition, the Board has established March 28, 2025 as the payment date and March 14, 2025 as the record date for the final dividend installment of $0.75 per share, per the prior dividend approval at the 2024 annual shareholders’ meeting. The first, second and third payments of $0.75 per share were made on June 28, 2024, September 27, 2024, and December 27, 2024, respectively. 

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:

Wednesday, February 19, 2025 at 10:30 a.m. Eastern

Where:

https://www.garmin.com/en-US/investors/events/

How:

Simply log on to the web at the address above

An archive of the live webcast will be available until February 18, 2026 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “anticipates,” “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s expected fiscal 2025 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 28, 2024 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin’s 2024 Form 10-K can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of December 28, 2024. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company’s use of these measures are included in the attachments.

Garmin, the Garmin logo, Approach, G3000, Lily and JL Audio are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Descent is a trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Investor Relations Contact:

Media Relations Contact:

Teri Seck

Krista Klaus

913/397-8200

913/397-8200

investor.relations@garmin.com 

media.relations@garmin.com

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

December 28,

December 30,

2024

2023

2024

2023

Net sales

$

1,822,560

$

1,482,501

$

6,296,903

$

5,228,252

Cost of goods sold

742,634

618,352

2,600,348

2,223,297

Gross profit

1,079,926

864,149

3,696,555

3,004,955

Research and development expense

258,752

237,245

993,601

904,696

Selling, general and administrative expenses

305,092

286,450

1,108,960

1,008,099

Total operating expenses

563,844

523,695

2,102,561

1,912,795

Operating income

516,082

340,454

1,593,994

1,092,160

Other income (expense):

Interest income

30,377

22,840

113,520

77,302

Foreign currency (losses) gains

(36,184)

19,488

(20,599)

26,434

Other income

5,864

254

8,486

4,460

Total other income (expense)

57

42,582

101,407

108,196

Income before income taxes

516,139

383,036

1,695,401

1,200,356

Income tax provision (benefit)

80,405

(159,089)

283,965

(89,280)

Net income

$

435,734

$

542,125

$

1,411,436

$

1,289,636

Net income per share:

Basic

$

2.27

$

2.83

$

7.35

$

6.74

Diluted

$

2.25

$

2.82

$

7.30

$

6.71

Weighted average common shares outstanding:

Basic

192,075

191,363

192,060

191,397

Diluted

193,759

192,557

193,281

192,058

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

December 28,

2024

December 30,
2023

Assets

Current assets:

Cash and cash equivalents

$

2,079,468

$

1,693,452

Marketable securities

421,270

274,618

Accounts receivable, net

983,404

815,243

Inventories

1,473,978

1,345,955

Deferred costs

24,040

16,316

Prepaid expenses and other current assets

353,993

318,556

Total current assets

5,336,153

4,464,140

Property and equipment, net

1,236,884

1,224,097

Operating lease right-of-use assets

164,656

143,724

Noncurrent marketable securities

1,198,331

1,125,191

Deferred income tax assets

822,521

754,635

Noncurrent deferred costs

6,898

11,057

Goodwill

603,947

608,474

Other intangible assets, net

154,163

181,145

Other noncurrent assets

106,974

91,106

Total assets

$

9,630,527

$

8,603,569

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

359,365

$

253,790

Salaries and benefits payable

210,879

190,014

Accrued warranty costs

62,473

55,738

Accrued sales program costs

108,492

98,610

Other accrued expenses

216,721

245,874

Deferred revenue

110,997

101,189

Income taxes payable

294,582

225,475

Dividend payable

144,349

139,997

Total current liabilities

1,507,858

1,310,687

Deferred income tax liabilities

103,274

114,682

Noncurrent income taxes payable

7,014

16,521

Noncurrent deferred revenue

28,321

36,148

Noncurrent operating lease liabilities

134,886

113,035

Other noncurrent liabilities

776

436

Stockholders’ equity:

Common shares (194,901 and 195,880 shares authorized and issued;

   192,468 and 191,777 shares outstanding)

19,490

19,588

Additional paid-in capital

2,247,484

2,125,467

Treasury shares (2,433 and 4,103 shares)

(270,521)

(330,909)

Retained earnings

5,999,183

5,263,528

Accumulated other comprehensive income (loss)

(147,238)

(65,614)

Total stockholders’ equity

7,848,398

7,012,060

Total liabilities and stockholders’ equity

$

9,630,527

$

8,603,569

 

Garmin Ltd. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

52-Weeks Ended

December 28, 2024

December 30, 2023

Operating Activities:

Net income

$

1,411,436

$

1,289,636

Adjustments to reconcile net income to net cash provided by

   operating activities:

Depreciation

140,494

132,347

Amortization

39,241

45,225

(Gain) loss on sale or disposal of property and equipment

(4,903)

215

Unrealized foreign currency losses (gains)

26,889

(25,541)

Deferred income taxes

(88,137)

(340,774)

Stock compensation expense

137,162

101,422

Realized losses on marketable securities

8

62

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

(196,256)

(129,120)

Inventories

(178,815)

244,506

Other current and noncurrent assets

(42,130)

7,887

Accounts payable

120,637

28,503

Other current and noncurrent liabilities

24,546

52,188

Deferred revenue

2,223

10,411

Deferred costs

(3,615)

(2,661)

Income taxes

43,691

(38,041)

Net cash provided by operating activities

1,432,471

1,376,265

Investing activities:

Purchases of property and equipment

(193,571)

(193,524)

Purchase of marketable securities

(507,518)

(170,681)

Redemption of marketable securities

309,166

183,372

Acquisitions, net of cash acquired

(16,444)

(150,853)

Other investing activities, net

15,034

(1,286)

Net cash used in investing activities

(393,333)

(332,972)

Financing activities:

Dividends

(572,355)

(558,769)

Proceeds from issuance of treasury shares related to equity awards

49,963

44,063

Purchase of treasury shares related to equity awards

(42,117)

(22,815)

Purchase of treasury shares under share repurchase plan

(62,348)

(98,988)

Net cash used in financing activities

(626,857)

(636,509)

Effect of exchange rate changes on cash and cash equivalents

(26,283)

7,460

Net increase in cash, cash equivalents, and restricted cash

385,998

414,244

Cash, cash equivalents, and restricted cash at beginning of year

1,694,156

1,279,912

Cash, cash equivalents, and restricted cash at end of year

$

2,080,154

$

1,694,156

 

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

(In thousands)

Fitness

Outdoor

Aviation

Marine

Auto OEM

Total

13-Weeks Ended December 28, 2024

Net sales

$

539,305

$

629,373

$

236,875

$

251,259

$

165,748

$

1,822,560

Gross profit

308,632

420,759

178,379

144,655

27,501

1,079,926

Operating income (loss)

159,161

251,322

64,469

50,588

(9,458)

516,082

13-Weeks Ended December 30, 2023

Net sales

$

412,076

$

486,378

$

217,134

$

239,886

$

127,027

$

1,482,501

Gross profit

232,147

317,061

162,214

126,099

26,628

864,149

Operating income (loss)

92,550

163,855

56,671

37,294

(9,916)

340,454

52-Weeks December 28, 2024

Net sales

$

1,774,487

$

1,961,990

$

876,614

$

1,073,192

$

610,620

$

6,296,903

Gross profit

1,032,007

1,306,405

656,509

594,127

107,507

3,696,555

Operating income (loss)

482,672

702,730

211,367

236,010

(38,785)

1,593,994

52-Weeks December 30, 2023

Net sales

$

1,344,637

$

1,697,151

$

846,329

$

916,911

$

423,224

$

5,228,252

Gross profit

716,906

1,072,861

625,988

491,261

97,939

3,004,955

Operating income (loss)

232,201

515,254

226,400

179,429

(61,124)

1,092,160

 

Garmin Ltd. and Subsidiaries

Net Sales by Geography (Unaudited)

(In thousands)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

YoY

December 28,

December 30,

YoY

2024

2023

Change

2024

2023

Change

Net sales

$

1,822,560

$

1,482,501

23 %

$

6,296,903

$

5,228,252

20 %

Americas

854,816

732,648

17 %

3,036,083

2,614,358

16 %

EMEA

701,252

523,439

34 %

2,319,310

1,775,965

31 %

APAC

266,492

226,414

18 %

941,510

837,929

12 %

EMEA – Europe, Middle East and Africa

APAC – Asia Pacific and Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below. 

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company’s income tax expense is periodically impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes disclosure of the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors’ consistent comparison between periods. In the full year 2024 there were no such discrete tax items identified.

(In thousands)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

December 28,

December 30,

2024

2023

2024

2023

$

ETR(1)

$

ETR(1)

$

ETR(1)

$

ETR(1)

GAAP income tax provision (benefit)

$

80,405

15.6 %

$

(159,089)

(41.5) %

$

283,965

16.7 %

$

(89,280)

(7.4) %

Pro forma discrete tax items:

Tax effect of state rate change (2)

(2,269)

Switzerland deferred tax assets (3)

181,410

181,410

Poland incentive tax credits (4)

12,116

12,116

Pro forma income tax provision

$

80,405

15.6 %

$

34,437

9.0 %

$

283,965

16.7 %

$

101,977

8.5 %

(1) Effective tax rate is calculated by taking the income tax provision (benefit) divided by income before taxes, as presented on the face of the Condensed Consolidated Statements of Income.

(2) In third quarter 2023, the Company recognized $2.3 million of tax expense due to the revaluation of deferred tax assets associated with the change in corporate income tax rate for the state of Kansas.

(3) Certain Switzerland deferred tax assets related to the enactment of Switzerland Federal and Schaffhausen cantonal tax reform were revalued in the fourth quarter of 2023, resulting in income tax benefit of $181.4 million.

(4) In fourth quarter 2023, the Company recognized $12.1 million of income tax benefit due to Auto OEM manufacturing tax incentives in Poland.

Pro forma net income (earnings) per share

Management believes that 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 in order to permit a consistent comparison of the Company’s performance between periods.

(In thousands, except per share information)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

December 28,

December 30,

2024

2023

2024

2023

GAAP net income

$

435,734

$

542,125

$

1,411,436

$

1,289,636

Foreign currency gains / losses (1)

36,184

(19,488)

20,599

(26,434)

Tax effect of foreign currency gains / losses (2)

(5,637)

1,752

(3,450)

2,246

Pro forma discrete tax items (3)

(193,526)

(191,257)

Pro forma net income

$

466,281

$

330,863

$

1,428,585

$

1,074,191

GAAP net income per share:

Basic

$

2.27

$

2.83

$

7.35

$

6.74

Diluted

$

2.25

$

2.82

$

7.30

$

6.71

Pro forma net income per share:

Basic

$

2.43

$

1.73

$

7.44

$

5.61

Diluted

$

2.41

$

1.72

$

7.39

$

5.59

Weighted average common shares outstanding:

Basic

192,075

191,363

192,060

191,397

Diluted

193,759

192,557

193,281

192,058

(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 and losses was calculated using the pro forma effective tax rate of 15.6% and 16.7% for the 13-weeks and fiscal year ended December 28, 2024, respectively, and the pro forma effective tax rate of 9.0% and 8.5% for the 13-weeks and fiscal year ended December 30, 2023, respectively.

(3) The 2023 discrete tax items are discussed in the pro forma effective tax rate section above.

Free cash flow

Management believes that free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes that excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operations and allows more accurate comparisons of the Company’s results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.

(In thousands)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

December 28,

December 30,

2024

2023

2024

2023

Net cash provided by operating activities

$

483,890

$

465,941

$

1,432,471

$

1,376,265

Less: purchases of property and equipment

(84,702)

(48,648)

(193,571)

(193,524)

Free Cash Flow

$

399,188

$

417,293

$

1,238,900

$

1,182,741

Forward-looking Financial Measures

The forward-looking financial measures in our 2025 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above. 

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.09 per share for the 52 weeks ended December 28, 2024.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2025 or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/garmin-announces-fourth-quarter-and-fiscal-year-2024-results-302379869.html

SOURCE Garmin Ltd.

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Toronto firm fined $5,000 for unauthorized use of professional engineer’s seal

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TORONTO, May 6, 2026 /CNW/ – The Ontario Court of Justice has fined a Toronto firm $5,000 for applying a facsimile of a professional engineer’s seal to an engineering report without the engineer’s knowledge or consent.

In June 2023, 11951076 Canada Inc., operating as Studio Four, affixed an engineer’s seal to an engineering report and submitted it to the City of Hamilton in connection with a residential building project. The engineer whose seal was used did not authorize the use of the seal.

A complaint was made to Professional Engineers Ontario (PEO), which investigated and laid charges under the Professional Engineers Act (PEA).

On April 24, 2026, Studio Four pleaded guilty to one count of breaching section 40(3)(b) of the PEA. The firm’s two directors, Salim Afroz and Ashweek Chhabra, also pleaded guilty to breaching section 40(5) of the Act in connection with this conduct.

Studio Four was ordered to pay a $5,000 fine. The two directors each received suspended sentences.

As the regulator of professional engineering in Ontario, PEO reminds the public that the unauthorized use or forgery of a professional engineer’s seal on construction or design drawings is a quasi-criminal offence under the PEA. Such conduct may also result in criminal charges under the Criminal Code of Canada.

PEO administers the Professional Engineers Act to serve and protect the public interest by licensing Ontario’s more than 98,000 professional engineers and engineering firms. Professional engineers can be identified by the “P.Eng.” designation following their names.

Members of the public can verify a professional engineer or engineering firm by searching PEO’s public directories at peo.on.ca/directory. Concerns about unlicensed individuals or unauthorized firms may be reported through PEO’s enforcement hotline at 416-840-1444, 1-800-339-3716 ext. 1444, or enforcement@peo.on.ca.

SOURCE Professional Engineers Ontario

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Tell a Friend, Save on Travel! EF World Journeys Launches Cross-Brand Referral Program That Rewards Travelers to Inspire the People in Their Lives to Tour the Globe

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New benefit allows travelers to unlock savings on future trips by introducing friends and family to EF Go Ahead Tours, EF Ultimate Break, and EF Adventures

CAMBRIDGE, Mass., May 6, 2026 /PRNewswire/ — EF World Journeys, a leader in guided, experiential travel for adults from Gen Z to Baby Boomers, today announced the launch of a new referral program, a travel rewards benefit that can be redeemed across EF Go Ahead Tours, EF Ultimate Break, and EF Adventures.

Under the new program, travelers will receive $100 in travel credit for every friend who books a trip using their referral, with every fifth referral earning you $500 and no cap on total rewards earned. In short, the more friends or family who book from your referral, the more you save on your next trip.

Each year, guided trips across EF World Journeys’ portfolio bring travelers together through shared experiences that extend far beyond the journey itself. Many of those travelers continue to engage with the people they meet on tour, often exchanging photos, stories, and future travel inspiration well after returning home. The new referral program builds on the natural desire to share those experiences, offering travelers easy ways to connect and invite friends, family members, and fellow adventurers to experience a guided group tour for themselves.

“At EF, we’ve always believed that one of the most powerful parts of travel is the connections and communities we create along the way,” said Heidi Durflinger, CEO of EF World Journeys USA. “This referral program makes that even easier, giving our travelers a way to bring friends and family into the experience while continuing to grow a global community of people who choose to explore the world together.”

How it works: Give $100. Get $100.

Refer a friend: Any traveler who has taken a trip with or is currently booked on tour  with EF Go Ahead Tours, EF Ultimate Break, or EF Adventures can now share a personal referral link via email, text, social media, or their respective EF World Journeys mobile app. Friends must be new to EF World Journeys, 18 or older, and have a valid email address to qualify.Both travelers earn $100: When the referred traveler books, both receive $100 in travel credit. Rewards are issued 60 days after booking confirmation, and referrals must book within six months.Earn $500 on every fifth referral: Referring travelers receive $500 for every fifth successful referral. There is no limit to how many referrals can be made, and rewards NEVER expire.

To celebrate the launch of the new referral program, EF Go Ahead Tours is offering an additional limited-time incentive. For the month of May 2026, travelers who refer a friend that books an EF Go Ahead Tours trip will receive an extra $100 referral reward on top of the standard program credit. The promotional bonus applies exclusively to EF Go Ahead Tours bookings and is available for a limited time.

One program. Three brands. Built for every kind of traveler.

EF World Journeys’ referral benefits are available when booking across its entire portfolio of guided, experiential travel companies, allowing travelers to earn and share rewards regardless of which tour operator they or their friends or family choose.

EF Go Ahead Tours offers curated guided travel for adults of all ages, including multi-generational travel groups and private or customized group tours.EF Ultimate Break serves travelers ages 18–35 with social, immersive itineraries.EF Adventures provides hiking, biking, and multi-adventure trips for active adults with a focus on lifelong learning, wellness and community.

Because the referral program spans all three tour operators at EF World Journeys, credits can move naturally within families and friend networks whose travel styles differ.

For example, a traveler who just had a life-changing trip on EF Go Ahead Tours’ A Week in Greece can refer her college-aged daughter to EF Ultimate Break’s Europe’s Icons: London, Paris & Rome and both receive $100 towards their next tour. She can then refer her basketball coach who is a hiking enthusiast to EF Adventure’s Italy Hiking: The Dolomites — and earn again.

This cross brand traveler benefit ensures that no matter how or where someone chooses to book travel across EF Go Ahead Tours, EF Ultimate Break, or EF Adventures – the rewards follow.

For EF Go Ahead Tours, please visit: https://www.goaheadtours.com/about/referrals
For EF Ultimate Break, please visit: https://www.efultimatebreak.com/traveling-with-us/refer-a-friend
For EF Adventures, please visit: https://www.efadventures.com/about/referrals-program

About EF World Journeys
EF World Journeys  is a leader in guided, experiential travel. We connect cultures, communities, and people through guided, group travel with leading tour operator brands like EF Ultimate Break (adults 18-35), EF Go Ahead Tours (adults 35+), and our newest brand, EF Adventures, focused on adventure tours for the active traveler in you. EF World Journeys is part of EF Education First. For over 60 years, EF has planned guided tours with a focus on education and cultural immersion. EF offers travelers 24/7 global support, affordable payment plans, and supports tours in more than 400 destinations worldwide. Since 1965, EF has been committed to opening the world through education. At EF World Journeys, we do just that, helping people of all ages experience the magic of travel, connecting travelers with new places, cultures, and, best of all, a diverse community of people excited to explore the world.

About EF Go Ahead Tours
EF Go Ahead Tours offers more than 200 guided trips across six continents. Each carefully planned, expertly led tour makes it easy for curious travelers of all ages to get to the heart of a destination. With a maximum group size well below the industry average, each trip has the perfect balance of planned sightseeing and free time to explore.

EF Go Ahead Tours is a tour operator brand within EF World Journeys, one of North America’s leading guided, experiential travel companies.

Join EF Go Ahead Tours’ affiliate program, supported by AWIN and earn commissions on booked tours.

About EF Ultimate Break
EF Ultimate Break is the best way to experience the world for anyone 18-35. With over 175 trips, we handle logistics for everything that makes travel a great experience from accommodations to flights to amazing tour directors to memory-making excursions. Our affordable interest-free payment plans make international travel possible for every traveler. EF Ultimate Break is part of EF World Journeys, a leader in guided, experiential travel with tour operator brands that also include EF Go Ahead Tours (adults 35+) and EF Adventures (all ages, 14+ with adult supervision). 

Are you an influencer or creator who wants to lead tours with your growing audience? Earn commissions on each booking by joining our influencer-hosted tour program

Media partners can now participate in EF Ultimate Break’s affiliate marketing program and earn commissions for tour bookings. Click here to learn more.

About EF Adventures
EF Adventures is an education-based adventure travel company offering 40+ guided tours across 25 countries and 5 continents. Launched in September 2024 as part of the EF World Journeys family of experiential travel brands, EF Adventures builds on more than 30 years of EF’s global expertise in educational and cultural immersion.

Each small-group tour blends active exploration with authentic learning, inviting travelers to engage with local traditions, communities, and ecosystems through guided experiences like hiking, biking, and multi-adventure activities such as kayaking, yoga, ziplining, and more. Designed for varied fitness levels and age groups, the EF Adventures experience combines adventure-based activity with hands-on cultural discovery that transforms how people see the world.

EF Adventures invites publishers and creators to become part of its growing affiliate network. Earn competitive commissions on confirmed bookings by referring travelers to efadventures.com. Learn more and apply here.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tell-a-friend-save-on-travel-ef-world-journeys-launches-cross-brand-referral-program-that-rewards-travelers-to-inspire-the-people-in-their-lives-to-tour-the-globe-302761895.html

SOURCE EF World Journeys

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NEO Battery Partners with Highest-Ranking ROK Army’s Capital Defense Command for Defense Drone & Robotics Batteries

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Defense technology partnership with Republic of Korea (“ROK) Army’s Capital Defense Command (“CDC”), one of the highest-ranking command units responsible for securing the Presidential Office, the capital and key national infrastructureFocuses on battery supply and integration within CDC defense drone and robotics units, featuring specialized drone training and technical battery advisoryLeverages the CDC’s decision-making authority to accelerate the adoption of Korea-made battery technology across broader national defense and military units

TORONTO, May 6, 2026 /CNW/ – NEO Battery Materials Ltd. (“NEO” or the “Company”) (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and physical AI, is pleased to announce it has entered into a significant defense partnership agreement (the “Agreement”) with the Republic of Korea (“ROK”) Army’s Capital Defense Command (CDC) – a direct reporting unit to the President of South Korea and the Joint Chiefs of Staff. Stationed in Seoul and known as the “Shield Unit”, the CDC is one of the highest-ranking national command units, responsible for protecting the Presidential Office (Blue House), the capital and key national infrastructure.

This partnership represents a strategic expansion into a higher command level within the ROK Army, operating directly under the Army Headquarters with significant decision-making and procurement authority. The Agreement builds on NEO’s momentum in its Korean Defense Integration Strategy (see previously announced partnerships with the 12th Infantry Division dated April 1, 2026, and the Capital Mechanized Infantry Division dated April 22, 2026), and serves as a critical milestone due to the CDC’s ability to advocate for the prompt implementation of non-Chinese battery solutions that meet stringent security clearance and performance requirements.

The Agreement will focus on the supply and deployment of high-performance, defense batteries within the CDC’s drone and robotics units to enhance operational runtime and energy efficiency. Furthermore along with Korean drone partners, NEO will provide specialized drone training and technical battery advisory to support CDC’s personnel, all of whom are required to be certified in drone operations. This Agreement followed a successful live demonstration of NEO’s high-energy drone batteries held at the CDC’s parade ground on April 30, 2026.

Lieutenant General Changjoon Eo, Commander of the Capital Defense Command, expressed, “The CDC was highly impressed with the drone flight time performance exhibited by NEO’s high-performance batteries compared to commercial Chinese products. As the ROK Army and its units initiate the transition towards a Korea-made supply chain, NEO Battery will act as an integral partner for the CDC and its sub-units to ensure traceability and performance for defense batteries in our drone and robotics platforms.”

“Securing this partnership with a high-ranking command unit such as the CDC further validates the effectiveness of NEO’s battery technology,” stated Spencer Huh, President & CEO of NEO. “As the CDC is a heavy consumer of drone technology and requires high-performance, non-Chinese components to ensure national security, NEO’s in-country presence, along with our robust performance data and wide technology offering, aptly positions us to meet stringent scopes of work for the highest levels of the ROK military.”

About the ROK Army’s Capital Defense Command
Operating under the name “Shield Unit” or Chungjeongdae, the ROK Army’s Capital Defense Command is one of the highest-ranking, corps-level military organizations within the Republic of Korea’s Armed Forces and Operations Command. The CDC is primarily responsible for defending the Presidential Office, the capital, the Ministry of National Defense facilities, major government buildings, and key national infrastructure. The Command exercises several subordinate units, including the 1st Security Group, the 1st Air Defense Brigade, the CDC Military Police Group, and the 52nd and 56th Infantry Divisions.

About NEO Battery Materials Ltd.
NEO Battery Materials is a Canadian-South Korean battery technology company focused on developing and producing silicon-enhanced lithium-ion batteries in drones, robotics, physical AI, electric vehicles, and energy storage systems. With a patent-protected, low-cost silicon manufacturing process, NEO Battery enables longer-running and ultra-fast charging properties and provides end-to-end battery solutions from materials selection, cell architecture, and process optimization. The Company aims to be a globally-leading producer of high-performance lithium-ion batteries and materials, building a secure, robust battery supply chain for Western manufacturers. For more information, please visit the Company’s website at: https://www.neobatterymaterials.com/.

On Behalf of the Board of Directors
Spencer Huh
Director, President, and CEO

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified notably by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: volatile stock prices; the general global markets and economic conditions; the possibility of write-downs and impairments; the risk associated with the research and development of battery-related technologies; the risk associated with the effectiveness and feasibility of battery material, electrode, and cell technologies that have not yet been tested or proven on commercial scale or under real-world operating conditions; the risks associated with battery-related manufacturing process scale-up, including maintaining consistent material, component, and cell quality, production yields, and process reproducibility at a pilot, semi-commercial, or commercial scale; the risks associated with compatibility of existing battery chemistries, formulations, components, or designs; unforeseen risks associated with entering into and maintaining collaborations, joint ventures, partnerships, or commercial contracts with battery cell manufacturers, original equipment manufacturers, and various companies in the global battery and downstream end-user supply chain; the risks associated with the failure to develop and produce commercially viable battery-related products or that technical goals may not be achieved within expected timelines or budgets under a joint development or collaboration; the risks associated with the Company’s technologies and products not meeting performance requirements or customer specifications; the risks that prototype and pilot-scale products do not advance into commercially produced products or translate into commercial orders; the risk associated with battery components and cell purchase orders and offtake supply that may not be fulfilled in full, on time, or at all as actual revenue realization depends on delivery schedules, achievement of technical milestones, and customer acceptance and validation; the risk associated with losing official vendor registration or status with existing customers; counterparty risk upon delivery of prototype and commercial products; the risks associated with constructing, completing, securing, and financing pilot, semi-commercial, and commercial battery materials, components, and cell manufacturing facilities including the Canadian and South Korean facilities; the risks associated with potential delays or increased costs with site preparation, equipment procurement and installation, and facility commissioning; the risks associated with integrating silicon anode material production, electrode manufacturing, and cell assembly within a single operational cluster or the Company’s business portfolio; the risks associated with supply chain disruptions or cost fluctuations in raw materials, processing chemicals, and additive prices, impacting production costs and commercial viability; the risks associated with uninsurable risks arising during the course of research, development and production; competition faced by the Company in securing experienced personnel, contracts and sales, and financing; access to adequate infrastructure and resources to support battery materials, components, and cell research and development activities; the risks associated with changes in the technology regulatory regime governing the Company; the risks associated with the timely execution of the Company’s strategies and business plans; the risks associated with the lithium-ion battery industry and end-users’ demand and adoption of the Company’s silicon anode technology and battery products; market adoption and integration challenges, including the difficulty of incorporating silicon anodes and silicon battery products within battery manufacturers and OEMs’ systems; the risks associated with the various environmental and political regulations the Company is subject to; risks related to regulatory and permitting delays; the reliance on key personnel; liquidity risks; the risk of litigation; risk management; and other risk factors as identified in the Company’s recent Financial Statements and MD&A and in recent securities filings for the Company which are available on www.sedarplus.ca. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued R&D and commercialization activities, no material adverse change in precursor, raw material, equipment, and relevant cost prices, development and commercialization plans to proceed in accordance with plans and such plans to achieve their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operations, research and development, and commercialization plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE NEO Battery Materials Ltd.

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