Garmin announces fourth quarter and fiscal year 2022 results

Company reports record full year revenue for three reportable segments

Schaffhausen, Switzerland / February 22, 2023/ PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 31, 2022.

Highlights for fourth quarter 2022 include:

  • Consolidated revenue of $1.31 billion, a 6% decrease compared to the prior year quarter
  • Gross margin expanded to 57.0% from 55.5% in the prior year quarter
  • Operating margin was 20.5% compared to 22.6% in the prior year quarter
  • Operating income was $267 million, a 15% decrease compared to the prior year quarter
  • GAAP EPS was $1.53 and pro forma EPS(1) was $1.35
  • Launched Bounce™, our first LTE-connected kids smartwatch
  • G3000® tandem integrated flight deck was selected by L3Harris for the Armed Overwatch program
  • Recognized by the BMW Group with a 2022 Supplier Innovation Award in the customer experience category for the BMW 7-series Theatre Screen rear-seat entertainment system
  • Enduro™ 2, MARQ® Adventurer, and dēzl® OTR 1010 all received the 2023 Honoree title for the CES Innovation Awards
  • Recently received FDA approval for a clinically-validated App that records ECG information and detects certain arrhythmias in combination with the Venu® 2 Plus

Highlights for fiscal year 2022 include:

  • Consolidated revenue of $4.86 billion, a 2% decrease compared to the prior year, was unfavorably impacted by approximately $228 million due to the year-over-year strengthening of the U.S. Dollar relative to other major currencies
  • Outdoor, Aviation, and Marine segments each posted record full year revenue
  • Gross margin of 57.7% compared to 58.0% in the prior year
  • Operating margin of 21.1% compared to 24.5% in the prior year
  • Operating income of $1.03 billion, a 16% decrease compared to the prior year
  • GAAP EPS was $5.04 and pro forma EPS(1) was $5.13

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

About Garmin Ltd.

Garmin, the Garmin logo, the Garmin delta, dēzl, G5000, G3000, GPSMAP, MARQ and Navionics are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Bounce and Enduro 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.

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 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