Garmin releases Q1 results
Garmin Ltd. (NYSE: GRMN), has announced results for the first quarter ended April 1, 2023.
Highlights for first quarter 2023 include:
- Consolidated revenue of $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(1) was $1.02
Cliff Pemble, president and CEO commented:
2023 is off to a good start with four of our five segments posting double-digit revenue growth driven by new product introductions and solid demand trends. We are excited about what lies ahead as we anticipate many more exciting product introductions throughout the remainder of the year.
Revenue from the marine segment grew 10% in the first quarter, primarily due to the timing of spring promotions. Gross and operating margins were 54% and 26%, respectively, resulting in $72 million of operating income. During the quarter, Garmin expanded the ECHOMAP UHD2 chartplotter series to offer features like easy-to-use touchscreens with keyed assist, Ultra High-Definition sonar and preloaded Garmin Navionics+ mapping.
