Garmin Announces Fourth Quarter And Fiscal Year 2023 Results

Company reports record full year revenue, proposes dividend increase, and announces share repurchase program.

SCHAFFHAUSEN, Switzerland – 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

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“We are very pleased with our 2023 financial performance resulting in record full year consolidated revenue and record full year revenue in three of our five segments. We are entering 2024 with strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2023 and look forward to all that 2024 will bring.” – Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Marine:

Revenue from the marine segment increased 14% in the fourth quarter due to contributions from the acquisition of JL Audio. Gross and operating margins were 53% and 16%, respectively, resulting in $37 million of operating income. During the quarter, we launched the ECHOMAP TM Ultra 2 chartplotter series designed with premium sonar, mapping and wireless networking capabilities for inland and nearshore anglers. We also launched the GSD 28 sonar module with RapidReturn technology that offers six times faster updates than its predecessor.

Read the full press release here.

About Garmin

Garmin Ltd. (NYSE: GRMN) is incorporated in Switzerland and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, GPSMAP, JL Audio and Navionics are registered trademarks and Panoptix, RapidReturn, LiveVü, Realvü and QuickDraw Contours are trademarks of Garmin Ltd. or its subsidiaries.