Garmin yesterday announced the results of its third quarter ended Sept. 30.
The company, in a statement, reported consolidated revenue of $1.28 billion, a 12% increase compared with the prior-year quarter, with gross and operating margins of 27% and 21.2%, respectively. Record third quarter revenue was posted in the fitness, outdoor, aviation and auto OEM segments, with quarter-over-quarter increases as much as 59%.
Operating income was $270 million, a 13% increase over the year-ago quarter.
Revenue from the marine segment decreased 7%, with declines across multiple categories partially offset by contributions from JL Audio. Gross and operating margins were 52% and 13%, respectively, resulting in $24 million of operating income.
The company released the following guidance for the remainder of the fiscal year:
“Based on our performance in the first three quarters of 2023 and the closing of our acquisition of JL Audio, we are adjusting our full-year guidance. We now anticipate revenue of approximately $5.15 billion and pro forma EPS of $5.25 based on gross margin of 56.7%, operating margin of 19.8% and a full year, pro forma effective tax rate of 8.5%. The expected pro forma EPS includes approximately $0.05 of dilutive impact related to newly acquired JL Audio.
