On February 16, 2024, the Board of Directors authorized the Company to repurchase up to $300 million of the Company's shares through December 26, 2026. The timing and volume of any share repurchases under this authorization will be determined by management at its discretion. Share repurchases, which are subject to market conditions, other business conditions and applicable legal requirements, may be made from time to time in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The share repurchase authorization does not obligate the Company to repurchase any specific number of shares and may be suspended, modified or terminated at any time.
Webcast Information/Forward-Looking Statements:
The information for Garmin Ltd.'s earnings call is as follows:
When: |
| Wednesday, February 21, 2024 at 10:30 a.m. Eastern |
Where: |
| |
How: |
| Simply log on to the web at the address above |
An archive of the live webcast will be available until February 19, 2025 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the Events Calendar page.
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 2024 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 30, 2023 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin's 2023 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 December 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, ECHOMAP, eTrex, Force, G3000, MARQ, quatix, and venu are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Epix and Descent are trademarks of Garmin Ltd. or its subsidiaries. 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 |
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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
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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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| December 30, |
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| December 31, |
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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 |
| $ | 1,482,501 |
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| $ | 1,306,356 |
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| $ | 5,228,252 |
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| $ | 4,860,286 |
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Cost of goods sold |
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| 618,352 |
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| 561,386 |
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| 2,223,297 |
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| 2,053,511 |
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Gross profit |
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| 864,149 |
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| 744,970 |
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| 3,004,955 |
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| 2,806,775 |
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Advertising expense |
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| 61,260 |
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| 57,662 |
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| 173,109 |
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| 168,040 |
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Selling, general and administrative expenses |
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| 225,190 |
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| 204,421 |
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| 834,990 |
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| 775,963 |
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Research and development expense |
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| 237,245 |
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| 215,712 |
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| 904,696 |
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| 834,927 |
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Total operating expenses |
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| 523,695 |
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| 477,795 |
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| 1,912,795 |
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| 1,778,930 |
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Operating income |
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| 340,454 |
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| 267,175 |
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| 1,092,160 |
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| 1,027,845 |
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Other income (expense): |
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Interest income |
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| 22,840 |
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| 14,306 |
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| 77,302 |
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| 40,826 |
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Foreign currency gains (losses) |
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| 19,488 |
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| 44,535 |
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| 26,434 |
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| (11,274) |
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Other income |
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| 254 |
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| 3,860 |
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| 4,460 |
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| 7,577 |
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Total other income (expense) |
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| 42,582 |
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| 62,701 |
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|
| 108,196 |
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| 37,129 |
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Income before income taxes |
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| 383,036 |
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| 329,876 |
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| 1,200,356 |
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| 1,064,974 |
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Income tax (benefit) provision |
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| (159,089) |
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| 36,604 |
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| (89,280) |
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| 91,389 |
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Net income |
| $ | 542,125 |
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| $ | 293,272 |
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| $ | 1,289,636 |
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| $ | 973,585 |
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Net income per share: |
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Basic |
| $ | 2.83 |
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| $ | 1.53 |
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| $ | 6.74 |
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| $ | 5.06 |
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Diluted |
| $ | 2.82 |
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| $ | 1.53 |
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| $ | 6.71 |
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| $ | 5.04 |
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Weighted average common shares outstanding: |
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Basic |
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| 191,363 |
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| 191,613 |
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| 191,397 |
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| 192,544 |
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Diluted |
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| 192,557 |
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| 192,104 |
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| 192,058 |
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| 193,042 |
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