Garmin Q1 revenue $1.15B, down 2%; GAAP EPS $1.05; Outdoor segment down 27% YoY

GARMIN LTD

2023-Q1 EPS reported $1.05 revenue$1,147,424,000

Revenue $1.15B, down 2% YoY; GAAP EPS $1.05, pro forma EPS $1.02.
Gross margin improved to 56.9% from 56.5%; operating margin declined to 17.2% from 19.5%.
Outdoor segment revenue $329M, down 27% YoY; Fitness +11%, Aviation +22%, Marine +10%, Auto OEM +11%.
Launched Forerunner 265/965 with AMOLED display; fēnix 7 selected for Polaris Dawn space mission.
Named "Best of the Best" supplier by Embraer; also won Systems and Services supplier awards.

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