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Jul 01, 2023
Garmin Q2 2023 Earnings Report
Returned to consolidated sales growth.
Key Takeaways
Garmin Ltd. announced a 6% increase in consolidated revenue, reaching $1.32 billion, with growth in three of five segments. The company's gross margin was 57.5% and operating margin was 21.5%. GAAP EPS was $1.50 and pro forma EPS was $1.45, representing 1% growth in pro forma EPS over the prior year quarter.
Consolidated revenue of $1.32 billion, a 6% increase compared to the prior year quarter
Gross margin and operating margin were 57.5%, and 21.5%
Operating income was $284 million, a 3% decrease compared to the prior year quarter
GAAP EPS was $1.50 and pro forma EPS(1) was $1.45, representing 1% growth in pro forma EPS over the prior year quarter
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
Based on our performance in the first half of 2023, we are adjusting our full year guidance. We now anticipate revenue of approximately $5.05 billion and pro forma EPS of $5.15 based on gross margin of 57.2%, operating margin of 20.0% and a full year effective tax rate of 8.5%
Revenue & Expenses
Visualization of income flow from segment revenue to net income