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

GARMIN LTD

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

Record Q1 revenue of $1.17B (+9% YoY); GAAP EPS $1.09 (-4%), pro forma EPS $1.11 (-6%).
Outdoor segment surged 50% to $384.6M; Fitness dropped 28% to $220.9M; Marine +21%, Auto +11%.
Gross margin 56.5% (down from 59.8%); operating margin 19.5% (down from 23.3%).
Board authorized $300M share repurchase through Dec 29, 2023.

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