Garmin Issues FY23 Guidance

(RTTNews) - Garmin Ltd. (GRMN) said it expects 2023 pro forma EPS of $5.15. The company anticipates full year revenue of approximately $5.00 billion, an increase of approximately 3% over 2022.

The board of directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 9, 2023, a cash dividend in the amount of $2.92 per share. The board has established March 31, 2023 as the payment date and March 15, 2023 as the record date for the final dividend installment of $0.73 per share.

Fourth quarter bottom line totaled $293.27 million, or $1.53 per share compared with $286.14 million, or $1.48 per share, in last year's fourth quarter. Excluding items, Garmin reported adjusted earnings of $259.88 million or $1.35 per share for the period. Analysts on average had expected the company to earn $1.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 5.8% to $1.31 billion from $1.39 billion last year.

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