Garmin announces third quarter 2023 results

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, fÄ“nix, 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


Condensed Consolidated Statements of Income (Unaudited)


(In thousands, except per share information)





















13-Weeks Ended



39-Weeks Ended




September 30,



September 24,



September 30,



September 24,




2023



2022



2023



2022


Net sales


$

1,277,531



$

1,140,434



$

3,745,751



$

3,553,931


Cost of goods sold



548,962




469,935




1,604,945




1,492,126


Gross profit



728,569




670,499




2,140,806




2,061,805



















Advertising expense



35,158




32,888




111,849




110,378


Selling, general and administrative expense



201,470




189,546




609,800




571,541


Research and development expense



221,572




208,692




667,451




619,215


Total operating expense



458,200




431,126




1,389,100




1,301,134



















Operating income



270,369




239,373




751,706




760,671



















Other income (expense):

















Interest income



19,803




10,472




54,461




26,520


Foreign currency gains (losses)



(11,539)




(29,863)




6,946




(55,809)


Other income



938




285




4,206




3,716


Total other income (expense)



9,202




(19,106)




65,613




(25,573)



















Income before income taxes



279,571




220,267




817,319




735,098


Income tax provision



22,328




9,419




69,810




54,785


Net income


$

257,243



$

210,848



$

747,509



$

680,313



















Net income per share:

















Basic


$

1.34



$

1.09



$

3.91



$

3.53


Diluted


$

1.34



$

1.09



$

3.90



$

3.52



















Weighted average common shares outstanding:

















Basic



191,435




192,672




191,409




192,878


Diluted



191,868




193,105




191,772




193,378



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