Garmin Q3 2022 Earnings Report
Key Takeaways
Garmin's consolidated revenue was $1.14 billion, a 4% decrease compared to the prior year quarter. Gross margin expanded to 58.8%, and operating margin was 21.0%. GAAP EPS was $1.09 and pro forma EPS was $1.24.
Consolidated revenue of $1.14 billion, a 4% decrease compared to the prior year quarter, was unfavorably impacted by approximately $70 million due to the year-over-year strengthening of the U.S. Dollar relative to other major currencies
Gross margin expanded to 58.8%, and operating margin was 21.0%
Operating income was $239 million, a 15% decrease compared to the prior year quarter
GAAP EPS was $1.09 and pro forma EPS was $1.24
Garmin
Garmin
Garmin Revenue by Segment
Garmin Revenue by Geographic Location
Forward Guidance
We now anticipate revenue of approximately $4.85 billion, gross margin of 57.5%, operating margin of 20.7%, and a full year effective tax rate of 8.0% resulting in EPS of approximately $4.95
Revenue & Expenses
Visualization of income flow from segment revenue to net income