Garmin yesterday announced results for its fiscal first quarter, including record revenues and double-digit growth in three segments.
The company reported record consolidated revenue of $1.17 billion, a 9 percent increase compared with the prior year quarter, and gross and operating margins of 56.5 and 19.5 percent, respectively.
Marine segment revenue increased 21 percent in the quarter, with “growth across multiple categories led by strong demand for our chart plotters,” according to the statement. Gross and operating margins were 51 and 23 percent, respectively, producing $59 million in operating income.
“We delivered another quarter of growth and record revenue in an increasingly complex and challenging business environment,” president and CEO Cliff Pemble said in the statement. “High freight cost and component supply challenges persist, while new headwinds emerge, such as the strengthening of the U.S. dollar and the uncertainty created by Russia’s invasion of Ukraine.”
Garmin also announced that it will recommend a $2.92 per share cash dividend to shareholders at its annual meeting in June, and that its board of directors authorized the repurchase of up to $300 million in company shares through Dec. 29, 2023.