Garmin this week announced financial results for the second quarter of 2023.
Consolidated revenue for the quarter was $1.32 billion, an increase of 6% from the year-ago quarter. Gross and operating margins during the second quarter were 57.5% and 21.5%, respectively.
Operating income was $284 million, a 3% decrease from the prior-year quarter. Earnings per share was $1.50, and proforma EPS was $1.45, a 1% increase from a year ago.
“We returned to consolidated revenue growth in the second quarter with growth in three of our five segments, demonstrating the resilience of our diversified business model,” president and CEO Cliff Pemble said in a statement. “Our recent wearable launches have been well-received, and we expect continued revenue growth throughout the remainder of the year.”
Details from the marine segment showed an 11% decrease in revenue during the quarter, primarily due to the timing of sales promotions, according to the statement. Gross and operating margins were 56% and 21%, respectively, resulting in $46 million of operating income.
The company provided 2023 full-year guidance in the statement: “Based on our performance in the first half of 2023, we are adjusting our full year guidance. We now anticipate revenue of approximately $5.05 billion and pro forma EPS of $5.15 based on gross margin of 57.2%, operating margin of 20.0% and a full year effective tax rate of 8.5%.”
