Garmin Announces Third Quarter 2023 Results

Company reports double-digit third quarter revenue and operating income growth.

Schaffhausen, Switzerland – Garmin® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 30, 2023.

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
  • 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

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

About Garmin Ltd.

Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, the Garmin logo, the Garmin delta, epix, fēnix, Fused Carbon Fiber, venu, vivoactive, tactix, MARQ, G3000, and GPSMAP are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.