Garmin announces third quarter 2022 results
Schaffhausen, Switzerland/Oct. 26, 2022/PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 24, 2022.
Highlights for third quarter 2022 include:
- Consolidated revenue of $1.14 billion, a 4% decrease compared to the prior year quarter, was unfavorably impacted by approximately $70 million due to the year-over-year strengthening of the U.S. Dollar relative to other major currencies
- Gross margin expanded to 58.8%, and operating margin was 21.0%
- Operating income was $239 million, a 15% decrease compared to the prior year quarter
- GAAP EPS was $1.09 and pro forma EPS(1) was $1.24
- Launched the IndexTM BPM smart blood pressure monitoring device
- Since launching inReach services in 2011, the Garmin Response Center has coordinated over 10,000 SOS responses, demonstrating the crucial importance of satellite based two-way messaging wherever our customers need assistance
- Ranked #1 in avionics product support for the 19th consecutive year by Aviation International News
- Named Manufacturer of the Year by the National Marine Electronics Association for the eighth consecutive year and received five product of excellence awards
View the PDF for the full press release and financial statements.
About Garmin Ltd.
Garmin, the Garmin logo, the Garmin delta, inReach, Venu, G5000, G3000, LiveScope and Tread are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Index 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.
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 25, 2021, 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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