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Wednesday, 1 November 2023, 6:00 am CDT

Garmin announces third quarter 2023 results

Company reports double-digit third quarter revenue and operating income growth

Schaffhausen, Switzerland/November 1, 2023/PR Newswire – 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
  • 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

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

About Garmin Ltd.

Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, the Garmin logo, the Garmin delta, epix, fēnix, Fused Carbon Fiber, venu, vivoactive, tactix, MARQ, G3000, and GPSMAP are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. 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 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