This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2023 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company's plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 31, 2022 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin's 2022 Form 10-K can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of September 30, 2023. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company's use of these measures are included in the attachments.
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.
Investor Relations Contact: | Media Relations Contact: |
Teri Seck | Krista Klaus |
913/397-8200 | 913/397-8200 |
investor.relations@garmin.com | media.relations@garmin.com |
Garmin Ltd. and Subsidiaries |
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Condensed Consolidated Statements of Income (Unaudited) |
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(In thousands, except per share information) |
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| 13-Weeks Ended |
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| 39-Weeks Ended |
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| September 30, |
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| September 24, |
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| September 30, |
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| September 24, |
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| 2023 |
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| 2022 |
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| 2023 |
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| 2022 |
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Net sales |
| $ | 1,277,531 |
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| $ | 1,140,434 |
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| $ | 3,745,751 |
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| $ | 3,553,931 |
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Cost of goods sold |
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| 548,962 |
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| 469,935 |
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| 1,604,945 |
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| 1,492,126 |
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Gross profit |
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| 728,569 |
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| 670,499 |
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| 2,140,806 |
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| 2,061,805 |
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| Advertising expense |
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| 35,158 |
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| 32,888 |
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| 111,849 |
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| 110,378 |
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| Selling, general and administrative expense |
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| 201,470 |
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| 189,546 |
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| 609,800 |
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| 571,541 |
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| Research and development expense |
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| 221,572 |
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| 208,692 |
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| 667,451 |
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| 619,215 |
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| Total operating expense |
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| 458,200 |
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| 431,126 |
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| 1,389,100 |
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| 1,301,134 |
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| Operating income |
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| 270,369 |
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| 239,373 |
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| 751,706 |
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| 760,671 |
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| Other income (expense): |
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| Interest income |
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| 19,803 |
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| 10,472 |
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| 54,461 |
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| 26,520 |
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| Foreign currency gains (losses) |
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| (11,539) |
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| (29,863) |
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| 6,946 |
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| (55,809) |
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| Other income |
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| 938 |
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| 285 |
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| 4,206 |
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| 3,716 |
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| Total other income (expense) |
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| 9,202 |
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| (19,106) |
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| 65,613 |
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| (25,573) |
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| Income before income taxes |
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| 279,571 |
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| 220,267 |
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| 817,319 |
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| 735,098 |
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| Income tax provision |
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| 22,328 |
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| 9,419 |
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| 69,810 |
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| 54,785 |
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| Net income |
| $ | 257,243 |
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| $ | 210,848 |
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| $ | 747,509 |
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| $ | 680,313 |
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| Net income per share: |
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| Basic |
| $ | 1.34 |
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| $ | 1.09 |
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| $ | 3.91 |
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| $ | 3.53 |
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| Diluted |
| $ | 1.34 |
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| $ | 1.09 |
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| $ | 3.90 |
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| $ | 3.52 |
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| Weighted average common shares outstanding: |
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| Basic |
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| 191,435 |
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| 192,672 |
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| 191,409 |
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| 192,878 |
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| Diluted |
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| 191,868 |
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| 193,105 |
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| 191,772 |
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| 193,378 |
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