Schaffhausen, Switzerland – Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended March 26, 2022.

Highlights for first quarter 2022 include:

  • Record consolidated revenue of $1.17 billion, a 9% increase over the prior year quarter with three segments posting double digit growth
  • Gross and operating margins were 56.5% and 19.5%, respectively
  • Operating income of $229 million, an 8% decrease compared to the prior year quarter
  • GAAP EPS was $1.09 and pro forma EPS(1) was $1.11
  • Launched a sweeping update to our lineup of outdoor adventure watches
  • Named the 2022 Associate Member of the Year by the Aircraft Electronics Association, and for the 18th consecutive year, ranked 1st place in Professional Pilot Magazine’s 2022 Avionics Product Support Survey
  • Unveiled LiveScope Plus a high-resolution live sonar that raises the performance bar in the recreational fishing market

View the PDF for the full press release and financial statements.

About

Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Navionics and Fusion are registered trademarks and LiveScope, ECHOMAP, Force, LakeVü and Garmin Navionics Vision+ are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.