Garmin Ltd. recently announced results for the fourth quarter ended December 30, 2023.
Garmin reported a consolidated revenue of $1.48 billion, a 13% increase compared to the prior year quarter. The company also reported a record consolidated revenue of $5.23 billion for fiscal year 2023, an 8% increase compared to the prior year.
“We are very pleased with our 2023 financial performance resulting in record full year consolidated revenue and record full year revenue in three of our five segments. We are entering 2024 with strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2023 and look forward to all that 2024 will bring,” Cliff Pemble, president and CEO of Garmin Ltd. said.
Revenue from the marine segment specifically increased 14% in the fourth quarter, which the company said was due to contributions from the acquisition of JL Audio. Gross and operating margins were 53% and 16%, respectively, resulting in $37 million of operating income.
Garmin’s full fourth quarter report can be found on the company’s website.
