Garmin Ltd. recently announced results for the third quarter ended September 30, 2023.
Highlights for third quarter 2023 include: Consolidated revenue of $1.28 billion, a 12% increase compared to the prior year quarter, record third quarter revenue in four of five segments and the company completed the acquisition of JL Audio.
Revenue from the marine segment decreased 7% in the third quarter with declines across multiple categories partially offset by contributions from JL Audio. Gross and operating margins were 52% and 13%, respectively, resulting in $24 million of operating income.
Overall, Garmin reported a 12% increase YoY for the quarter.
“We delivered outstanding performance in the third quarter with double-digit percentage growth in revenue, operating income, and earnings. Looking ahead, we are well positioned for the holiday selling season with a strong lineup of innovative products which gives us confidence to raise our outlook for the remainder of the year,” Cliff Pemble, president and CEO of Garmin Ltd. said.