Garmin Announces Fourth Quarter and Fiscal Year 2022 Results

Schaffhausen, Switzerland – Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 31, 2022.

Highlights for fourth quarter 2022 include:

  • Consolidated revenue of $1.31 billion, a 6% decrease compared to the prior year quarter
  • Gross margin expanded to 57.0% from 55.5% in the prior year quarter
  • Operating margin was 20.5% compared to 22.6% in the prior year quarter
  • Operating income was $267 million, a 15% decrease compared to the prior year quarter
  • GAAP EPS was $1.53 and pro forma EPS(1) was $1.35
  • Launched Bounce™, our first LTE-connected kids smartwatch
  • G3000® tandem integrated flight deck was selected by L3Harris for the Armed Overwatch program
  • Recognized by the BMW Group with a 2022 Supplier Innovation Award in the customer experience category for the BMW 7-series Theatre Screen rear-seat entertainment system
  • Enduro™ 2, MARQ® Adventurer, and dēzl® OTR 1010 all received the 2023 Honoree title for the CES Innovation Awards
  • Recently received FDA approval for a clinically-validated App that records ECG information and detects certain arrhythmias in combination with the Venu® 2 Plus

Highlights for fiscal year 2022 include:

  • Consolidated revenue of $4.86 billion, a 2% decrease compared to the prior year, was unfavorably impacted by approximately $228 million due to the year-over-year strengthening of the U.S. Dollar relative to other major currencies
  • Outdoor, Aviation, and Marine segments each posted record full year revenue
  • Gross margin of 57.7% compared to 58.0% in the prior year
  • Operating margin of 21.1% compared to 24.5% in the prior year
  • Operating income of $1.03 billion, a 16% decrease compared to the prior year
  • GAAP EPS was $5.04 and pro forma EPS(1) was $5.13

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, ActiveCaptain, BlueChart, Fusion and Navionics are registered trademarks and ECHOMAP, Garmin Navionics+, ClearVü, SideVü and LiveScope are trademarks of Garmin Ltd. or its subsidiaries.