Highlights for third quarter 2022 include:
- 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(1) was $1.24
- Launched the Index™ BPM smart blood pressure monitoring device
- Since launching inReach services in 2011, the Garmin Response Center has coordinated over 10,000 SOS responses, demonstrating the crucial importance of satellite based two-way messaging wherever our customers need assistance
- Ranked #1 in avionics product support for the 19th consecutive year by Aviation International News
- Named Manufacturer of the Year by the National Marine Electronics Association for the eighth consecutive year and received five product of excellence awards
(In thousands, except per share
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| 13-Weeks Ended |
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| 39-Weeks Ended |
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| September 24, |
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| September 25, |
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| YoY |
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| September 24, |
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| September 25, |
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| YoY |
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| 2022 |
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| 2021 |
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| Change |
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| 2022 |
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| 2021 |
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| Change |
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Net sales |
| $ | 1,140,434 |
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| $ | 1,191,973 |
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| (4) % |
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| $ | 3,553,931 |
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| $ | 3,591,206 |
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| (1) % |
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| Fitness |
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| 279,875 |
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| 342,316 |
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| (18) % |
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| 772,867 |
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| 1,063,642 |
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| (27) % |
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| Outdoor |
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| 340,388 |
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| 323,856 |
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| 5 % |
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| 1,106,908 |
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| 903,715 |
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| 22 % |
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| Aviation |
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| 188,043 |
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| 180,165 |
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| 4 % |
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| 567,548 |
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| 534,886 |
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| 6 % |
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| Marine |
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| 196,506 |
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| 207,534 |
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| (5) % |
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| 693,369 |
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| 678,698 |
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| 2 % |
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| Auto |
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| 135,622 |
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| 138,102 |
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| (2) % |
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| 413,239 |
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| 410,265 |
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| 1 % |
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| Gross margin % |
| 58.8 % |
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| 58.4 % |
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| 58.0 % |
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| 59.0 % |
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| Operating income % |
| 21.0 % |
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| 23.7 % |
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| 21.4 % |
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| 25.2 % |
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| GAAP diluted EPS |
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| $1.09 |
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| $1.34 |
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| (19) % |
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| $3.52 |
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| $4.13 |
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| (15) % |
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| Pro forma diluted EPS (1) |
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| $1.24 |
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| $1.41 |
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| (12) % |
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| $3.79 |
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| $4.27 |
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| (11) % |
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| (1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS |
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