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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.
Garmin
Garmin
Garmin Revenue by Segment
Garmin Revenue by Geographic Location
Revenue by Segment
Fitness Revenue
CapyFin.comOutdoor Revenue
CapyFin.comAviation Revenue
CapyFin.comMarine Revenue
CapyFin.comAuto OEM Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com 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