Garmin Lifts Outlook On Q3 Beat

November 1, 2023

Garmin, Ltd. raised its guidance for the year as third-quarter results topped expectations. Among segments, fitness sales grew 26 and Outdoor advanced 7 percent while Marine declined 7 percent.

Highlights for the third quarter 2023 include:

• Consolidated revenue of $1.28 billion, a 12 increase compared to the prior year quarter and ahead of Wall Street’s consensus estimate of $1.21 billion.
• Gross margin and operating margin were 57.0 percent and 21.2 percent.
• Operating income was $270 million, a 13 increase compared to the prior year quarter
• GAAP EPS of $1.34 and pro forma EPS of $1.41, representing 14 growth in pro forma EPS over the prior year quarter. Wall Street’s consensus estimate was $1.29. 

The raised outlook also reflects the acquisition of JL Audio. SGB Media