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
(In thousands, except per share information) |
| 13-Weeks
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| 14-Weeks
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| 52-Weeks
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| 53-Weeks
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| December 30, |
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| December 31, |
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| YoY |
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| December 30, |
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| December 31, |
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| YoY |
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| 2023 |
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| 2022 |
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| Change |
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| 2023 |
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| 2022 |
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| Change |
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| Net sales |
| $ | 1,482,501 |
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| $ | 1,306,356 |
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| 13 | % |
| $ | 5,228,252 |
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| $ | 4,860,286 |
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| 8 | % |
| Fitness |
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| 412,076 |
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| 336,553 |
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| 22 | % |
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| 1,344,637 |
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| 1,109,419 |
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| 21 | % |
| Outdoor |
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| 486,378 |
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| 451,465 |
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| 8 | % |
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| 1,697,151 |
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| 1,770,275 |
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| (4) | % |
| Aviation |
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| 217,134 |
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| 225,251 |
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| (4) | % |
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| 846,329 |
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|
| 792,799 |
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| 7 | % |
| Marine |
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| 239,886 |
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| 210,614 |
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| 14 | % |
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| 916,911 |
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| 903,983 |
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| 1 | % |
| Auto OEM |
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| 127,027 |
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| 82,473 |
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| 54 | % |
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| 423,224 |
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| 283,810 |
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| 49 | % |
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| Gross margin % |
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| 58.3 | % |
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| 57.0 | % |
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| 57.5 | % |
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| 57.7 | % |
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| Operating income % |
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| 23.0 | % |
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| 20.5 | % |
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| 20.9 | % |
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| 21.1 | % |
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| GAAP diluted EPS |
| $ | 2.82 |
|
| $ | 1.53 |
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|
| 84 | % |
| $ | 6.71 |
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| $ | 5.04 |
|
|
| 33 | % |
| Pro forma diluted EPS (1) |
| $ | 1.72 |
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| $ | 1.35 |
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| 27 | % |
| $ | 5.59 |
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| $ | 5.13 |
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| 9 | % |
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| (1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS |
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