Garmin announces second quarter 2023 results
Returned to consolidated sales growth
Schaffhausen, Switzerland/August 2, 2023/PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the second quarter ended July 1, 2023.
Highlights for the second quarter 2023 include:
- Consolidated revenue of $1.32 billion, a 6% increase compared to the prior year quarter
- Gross margin and operating margin were 57.5%, and 21.5%
- Operating income was $284 million, a 3% decrease compared to the prior year quarter
- GAAP EPS was $1.50 and pro forma EPS(1) was $1.45, representing 1% growth in pro forma EPS over the prior year quarter
- Launched the epix Pro series in three sizes, all with bright AMOLED displays and a built-in LED flashlight
- Recently announced our revolutionary Autoland and Autothrottle to the retrofit market with the imminent certification in select Beechcraft King Air aircraft
- Garmin Smart Glide was recently selected for a 2023 FLYING Readers’ Choice award, the 15th time Garmin has received this prestigious award
View the PDF for the full press release and financial statements.
About Garmin Ltd.
Garmin Ltd. (NYSE: GRMN) is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, the Garmin logo, the Garmin delta, Edge, epix, fēnix, and Force, are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 31, 2022, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contact
Investor Relations Contact: Teri Seck
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]
Media Relations Contact: Krista Klaus
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]
Public Company Information
NYSE: GRMN
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