Garmin Q1 revenue $1.17B record (+9% YoY); EPS $1.09 down 4%; authorizes $300M buyback

GARMIN LTD

2022-Q1 EPS reported $1.09 revenue$1,172,662,000

GAAP diluted EPS of $1.09 vs $1.14 last year, down 4%; pro forma EPS $1.11 vs $1.18.
Operating income $229M, down 8% YoY; gross margin 56.5% vs 59.8%.
Outdoor segment revenue $384.6M (+50% YoY); Fitness $220.9M (-28% YoY).
Board authorized $300M share repurchase through Dec 29, 2023.
Marine revenue $254.1M (+21% YoY); Auto $138.3M (+11%); Aviation $174.8M (+1%).

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