Garmin announces third quarter 2023 results

SCHAFFHAUSEN, Switzerland, Nov. 1, 2023 — (PRNewswire) — Garmin® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 30, 2023.

Highlights for third quarter 2023 include:

  • Consolidated revenue of $1.28 billion, a 12% increase compared to the prior year quarter
  • Record third quarter revenue in four of five segments
  • Gross margin and operating margin were 57.0%, and 21.2%
  • Operating income was $270 million, a 13% increase compared to the prior year quarter
  • GAAP EPS of $1.34 and pro forma EPS(1) of $1.41, representing 14% growth in pro forma EPS over the prior year quarter
  • Generated strong operating cash flows of $357 million and free cash flow(1) of $312 million
  • Launched new fitness wearables with robust health and wellness features
  • Ranked #1 in avionics product support for the 20th consecutive year by Aviation International News
  • Named Manufacturer of the Year by the National Marine Electronics Association (NMEA) for the ninth consecutive year and received five Product of Excellence Awards
  • Completed the strategic acquisition of JL Audio, strengthening our marine entertainment product portfolio

 

(In thousands, except per share information)


13-Weeks Ended



39-Weeks Ended




September 30,



September 24,



YoY



September 30,



September 24,



YoY




2023



2022



Change



2023



2022



Change


Net sales


$

1,277,531



$

1,140,434



12 %



$

3,745,751



$

3,553,931



5 %


      Fitness



352,976




279,875



26 %




932,561




772,867



21 %


      Outdoor



433,997




406,832



7 %




1,210,773




1,318,810



(8) %


      Aviation



198,160




188,043



5 %




629,195




567,548



11 %


      Marine



182,248




196,506



(7) %




677,026




693,369



(2) %


      Auto OEM



110,150




69,178



59 %




296,196




201,337



47 %



























Gross margin %



57.0

%



58.8

%






57.2 %



58.0 %































Operating income %



21.2

%



21.0

%






20.1 %



21.4 %































GAAP diluted EPS


$

1.34



$

1.09



23 %



$

3.90



$

3.52



11 %


Pro forma diluted EPS (1)


$

1.41



$

1.24



14 %



$

3.88



$

3.79



2 %



























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



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