Garmin Q4 2022 Earnings Report
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
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