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Dec 31, 2022
Garmin Q4 2022 Earnings Report
Reported a decrease in revenue but an expansion in gross margin.
Key Takeaways
Garmin Ltd. announced its Q4 2022 results, with a consolidated revenue of $1.31 billion, a 6% decrease compared to the prior year quarter. Despite the revenue decrease, the gross margin expanded to 57.0%. The company's GAAP EPS was $1.53, and the pro forma EPS was $1.35.
Consolidated revenue decreased by 6% to $1.31 billion compared to the prior year quarter.
Gross margin expanded to 57.0% from 55.5% in the prior year quarter.
Operating margin was 20.5% compared to 22.6% in the prior year quarter.
GAAP EPS was $1.53 and pro forma EPS was $1.35.
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
The company expects full year 2023 revenue of approximately $5.00 billion, an increase of approximately 3% over 2022. They expect their full year pro forma EPS to be approximately $5.15.
Positive Outlook
- Full year 2023 revenue expected to be approximately $5.00 billion, an increase of approximately 3% over 2022.
- Gross margin of approximately 57.5%.
- Operating margin of approximately 20.3%.
- Pro forma effective tax rate of approximately 8.0%.
- Full year pro forma EPS to be approximately $5.15.
Revenue & Expenses
Visualization of income flow from segment revenue to net income