Garmin announces second quarter 2022 results

Schaffhausen, Switzerland /July 27, 2022/Business Wire – Garmin® Ltd. (NYSE: GRMN), today announced results for the second quarter ended June 25, 2022.

Highlights for second quarter 2022 include:

  • Consolidated revenue of $1.24 billion, a 6% decrease compared to the strong, pandemic-driven prior year quarter
  • The year-over-year strengthening of the U.S. Dollar relative to other major currencies unfavorably impacted consolidated revenue by approximately $57 million
  • Gross and operating margins were 58.7% and 23.6%, respectively
  • Operating income of $293 million, a 21% decrease compared to the prior year quarter
  • GAAP EPS was $1.33 and pro forma EPS(1) was $1.44
  • Celebrated a milestone of more than 25,000 integrated flight deck deliveries
  • Launched the Forerunner 955 Solar and Edge 1040 Solar, our first fitness devices with integrated solar charging capability
  • Entered a new product category with the launch of our dēzl headset for professional truck drivers
  • Garmin auto OEM awarded the Technology and Development Award by Yamaha at their annual global conference

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

About Garmin International, Inc.

Garmin, the Garmin logo, the Garmin delta, dēzl, Edge, Forerunner, quatix and tactix are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. GFC and Echomap 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 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 | investor.relat[email protected]

Media Relations Contact: Krista Klaus
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]

Public Company Information

NYSE: GRMN