Garmin announces fourth quarter and fiscal year 2023 results

SCHAFFHAUSEN, Switzerland, Feb. 21, 2024 — (PRNewswire) —  Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 30, 2023.

Highlights for fourth quarter 2023 include:

  • Consolidated revenue of $1.48 billion, a 13% increase compared to the prior year quarter
  • Gross margin expanded to 58.3% from 57.0% in the prior year quarter
  • Operating margin was 23.0% compared to 20.5% in the prior year quarter
  • Operating income was $340 million, a 27% increase compared to the prior year quarter
  • GAAP EPS of $2.82 and pro forma EPS(1) of $1.72, representing 27% growth in pro forma EPS over the prior year quarter
  • Received six Innovation Awards at the 2024 Consumer Electronics Show for our Venu® 3, epixTM Pro, MARQ® Golfer-Carbon Edition and Garmin's Autoland retrofit
  • Launched the Descent TM G1 Solar-Ocean Edition, our first-ever product made with recycled ocean-bound plastics
  • G3000® Integrated Flight Deck was selected by Eve Air Mobility for its electric vertical takeoff and landing aircraft
  • Force® Kraken was selected for a Marine Power Innovation Award by the editors at Boating Magazine
  • Awarded a multi-year Auto OEM contract that expands our customer base within domain controllers with production starting in 2027
  • Garmin ranked No. 1 for the 20th consecutive year in Professional Pilot's 2024 Avionics Manufacturers Product Support Survey
  • Garmin ranked No. 2 on Forbes' 2024 list of America's Best Large Employers

Highlights for fiscal year 2023 include:

  • Record consolidated revenue of $5.23 billion, an 8% increase compared to the prior year
  • Aviation, Marine and Auto OEM segments each posted record full year revenue
  • Gross margin of 57.5% compared to 57.7% in the prior year
  • Operating margin of 20.9% compared to 21.1% in the prior year
  • Operating income of $1.09 billion, a 6% increase compared to the prior year
  • GAAP EPS of $6.71 and pro forma EPS(1) of $5.59, representing 9% growth in pro forma EPS over the prior year

(In thousands, except per share information)


13-Weeks
Ended



14-Weeks
Ended







52-Weeks
Ended



53-Weeks
Ended








December 30,



December 31,



YoY



December 30,



December 31,



YoY




2023



2022



Change



2023



2022



Change


Net sales


$

1,482,501



$

1,306,356




13

%


$

5,228,252



$

4,860,286




8

%

Fitness



412,076




336,553




22

%



1,344,637




1,109,419




21

%

Outdoor



486,378




451,465




8

%



1,697,151




1,770,275




(4)

%

Aviation



217,134




225,251




(4)

%



846,329




792,799




7

%

Marine



239,886




210,614




14

%



916,911




903,983




1

%

Auto OEM



127,027




82,473




54

%



423,224




283,810




49

%


























Gross margin %



58.3

%



57.0

%







57.5

%



57.7

%






























Operating income %



23.0

%



20.5

%







20.9

%



21.1

%






























GAAP diluted EPS


$

2.82



$

1.53




84

%


$

6.71



$

5.04




33

%

Pro forma diluted EPS (1)


$

1.72



$

1.35




27

%


$

5.59



$

5.13




9

%


























(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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