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
- Gross margin and operating margin were 57.0%, and 21.2%
- Operating income was $270 million, a 13% increase compared to the prior year quarter
- GAAP EPS of $1.34 and pro forma EPS(1) of $1.41, representing 14% growth in pro forma EPS over the prior year quarter
- Generated strong operating cash flows of $357 million and free cash flow(1) of $312 million
- Launched new fitness wearables with robust health and wellness features
- Ranked #1 in avionics product support for the 20th consecutive year by Aviation International News
- Named Manufacturer of the Year by the National Marine Electronics Association (NMEA) for the ninth consecutive year and received five Product of Excellence Awards
- Completed the strategic acquisition of JL Audio, strengthening our marine entertainment product portfolio
(In thousands, except per share information) |
| 13-Weeks Ended |
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| 39-Weeks Ended |
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| September 30, |
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| September 24, |
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| YoY |
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| September 30, |
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| September 24, |
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| YoY |
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| 2023 |
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| 2022 |
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| Change |
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| 2023 |
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| 2022 |
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| Change |
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Net sales |
| $ | 1,277,531 |
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| $ | 1,140,434 |
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| 12 % |
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| $ | 3,745,751 |
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| $ | 3,553,931 |
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| 5 % |
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Fitness |
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| 352,976 |
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| 279,875 |
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| 26 % |
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| 932,561 |
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| 772,867 |
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| 21 % |
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| Outdoor |
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| 433,997 |
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| 406,832 |
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| 7 % |
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| 1,210,773 |
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| 1,318,810 |
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| (8) % |
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| Aviation |
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| 198,160 |
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| 188,043 |
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| 5 % |
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|
| 629,195 |
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| 567,548 |
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| 11 % |
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| Marine |
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| 182,248 |
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| 196,506 |
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| (7) % |
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| 677,026 |
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| 693,369 |
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| (2) % |
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| Auto OEM |
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| 110,150 |
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| 69,178 |
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| 59 % |
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| 296,196 |
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| 201,337 |
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| 47 % |
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| Gross margin % |
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| 57.0 | % |
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| 58.8 | % |
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| 57.2 % |
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| 58.0 % |
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| Operating income % |
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| 21.2 | % |
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| 21.0 | % |
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| 20.1 % |
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| 21.4 % |
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| GAAP diluted EPS |
| $ | 1.34 |
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| $ | 1.09 |
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| 23 % |
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| $ | 3.90 |
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| $ | 3.52 |
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| 11 % |
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| Pro forma diluted EPS (1) |
| $ | 1.41 |
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| $ | 1.24 |
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| 14 % |
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| $ | 3.88 |
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| $ | 3.79 |
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| 2 % |
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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 and free cash flow |
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