Garmin today announced results for the first quarter ended March 26.
Highlights for first quarter 2022 include:
- Record consolidated revenue of $1.17 billion, a 9 percent increase over the prior year quarter with three segments posting double digit growth
- Gross and operating margins were 56.5 percent and 19.5 percent, respectively
- Operating income of $229 million, an 8 percent decrease compared to the prior year quarter
- GAAP EPS was $1.09 and pro forma EPS(1) was $1.11
- Launched a sweeping update to our lineup of outdoor adventure watches
- Named the 2022 Associate Member of the Year by the Aircraft Electronics Association, and for the 18th consecutive year, ranked 1st place in Professional Pilot Magazine’s 2022 Avionics Product Support Survey
- Unveiled LiveScope Plus a high-resolution live sonar that raises the performance bar in the recreational fishing market
In his note to investors, CEO Cliff Pemble mentioned freight costs and supply chain disruptions as two impediments the company was forced to deal with in the quarter.
To read the rest of the report from Yahoo Finance, click here.