Garmin announces first quarter 2023 results

Garmin announces first quarter 2023 results

Garmin (United States) - Press Release: Four segments post double-digit revenue growth.

Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended April 1, 2023.

Highlights for the first quarter 2023 include:

  • Consolidated revenue of $1.15 billion, a 2% decrease compared to the prior year quarter
  • Gross margin increased to 56.9%, and operating margin was 17.2%
  • Operating income was $197 million, a 14% decrease compared to the prior year quarter
  • GAAP EPS was $1.05 and pro forma EPS(1) was $1.02
  • Launched the next-gen Forerunner 265 and Forerunner 965, our first running watches with a bright AMOLED display
  • Announced the fēnix 7 adventure watches will be worn by crew members on the upcoming Polaris Dawn space mission to help scientists understand how space travel affects the human body
  • We were recently named the “Best of the Best” supplier to Embraer, and also received two top supplier awards in the categories of Systems as well as Services & Support

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


About Garmin International, Inc.:

Garmin International Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark.

All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

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