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Corporate earnings
Wednesday, 21 February 2024, 5:45 am CST

Garmin announces fourth quarter and fiscal year 2023 results

Company reports record full year revenue, proposes dividend increase, and announces share repurchase program

Schaffhausen, Switzerland/February 21, 2024/PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 30, 2023.

Highlights for fourth quarter 2023 include:

  • Consolidated revenue of $1.48 billion, a 13% increase compared to the prior year quarter
  • Gross margin expanded to 58.3% from 57.0% in the prior year quarter
  • Operating margin was 23.0% compared to 20.5% in the prior year quarter
  • Operating income was $340 million, a 27% increase compared to the prior year quarter
  • GAAP EPS of $2.82 and pro forma EPS(1) of $1.72, representing 27% growth in pro forma EPS over the prior year quarter
  • Received six Innovation Awards at the 2024 Consumer Electronics Show for our Venu® 3, epixTM Pro, MARQ® Golfer-Carbon Edition and Garmin’s Autoland retrofit
  • Launched the Descent TM G1 Solar-Ocean Edition, our first-ever product made with recycled ocean-bound plastics
  • G3000® Integrated Flight Deck was selected by Eve Air Mobility for its electric vertical takeoff and landing aircraft
  • Force® Kraken was selected for a Marine Power Innovation Award by the editors at Boating Magazine
  • Awarded a multi-year Auto OEM contract that expands our customer base within domain controllers with production starting in 2027
  • Garmin ranked No. 1 for the 20th consecutive year in Professional Pilot’s 2024 Avionics Manufacturers Product Support Survey
  • Garmin ranked No. 2 on Forbes’ 2024 list of America’s Best Large Employers

Highlights for fiscal year 2023 include:

  • Record consolidated revenue of $5.23 billion, an 8% increase compared to the prior year
  • Aviation, Marine and Auto OEM segments each posted record full year revenue
  • Gross margin of 57.5% compared to 57.7% in the prior year
  • Operating margin of 20.9% compared to 21.1% in the prior year
  • Operating income of $1.09 billion, a 6% increase compared to the prior year
  • GAAP EPS of $6.71 and pro forma EPS(1) of $5.59, representing 9% growth in pro forma EPS over the prior year

View the PDF for the full press release and financial statements.

About Garmin Ltd.

Garmin, the Garmin logo, ECHOMAP, eTrex, Force, G3000, MARQ, quatix, and venu are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Epix and Descent are trademarks 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.

 

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 30, 2023, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at https://www.garmin.com/en-US/investors/sec/. 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