Garmin Ltd GRMN reported a fourth-quarter FY22 revenue decline of 6% year-on-year to $1.31 billion, beating the consensus of $1.30 billion.
- Revenue from Fitness declined 28% Y/Y to $336.55 million, Outdoor rose 3% Y/Y to $388.26 million, Aviation improved 27% Y/Y to $225.25 million, Marine increased 7% Y/Y to $210.61 million, and Auto sales fell 14% Y/Y to $145.68 million.
- Margins: The gross margin expanded by 150 bps to 57%. The operating margin contracted 210 bps to 20.5% as expenses increased 4.6% Y/Y.
- Proforma EPS of $1.35 beat the consensus of $1.11.
- Garmin generated $309.31 million in free cash flow. It held $2.7 billion in cash and equivalents.
- "Our performance in 2022 was solid even as we faced increasing headwinds affecting the business environment and consumer behaviors," said Cliff Pemble, President and CEO of Garmin. "We are entering 2023 with a strong product lineup, and many more product launches are planned throughout the year."
- Outlook: Garmin expected an FY23 revenue outlook of $5.00 billion, below the consensus of $5.15 billion.
- Garmin expected proforma EPS of $5.15, below the consensus of $5.45.
Price Action: GRMN shares traded 1.27% higher at $95.15 at the last check Wednesday.
Photo: Unsplash
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