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Apr 01, 2023
Garmin Q1 2023 Earnings Report
Garmin's financial performance in Q1 2023 resulted in a revenue decrease, but with growth in fitness, aviation, marine, and auto OEM segments.
Key Takeaways
Garmin Ltd. announced its first quarter 2023 results, with consolidated revenue of $1.15 billion, a 2% decrease compared to the prior year quarter. Four of the five segments posted double-digit revenue growth. GAAP EPS was $1.05 and pro forma EPS was $1.02.
Consolidated revenue was $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 was $1.02.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Garmin is maintaining its 2023 guidance calling for revenue of approximately $5.00 billion and pro forma EPS of $5.15.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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