Garmin Ltd. (NASDAQ: GRMN), a leading manufacturer of global positioning systems, reported lower revenues and proforma earnings for the first quarter of 2023.
Total revenues decreased 2% annually to $1.15 billion in the March quarter, mainly reflecting weakness in the Outdoor segment.
Unadjusted net income was $202.3 million or $1.05 per share in the first quarter, compared to $211.6 million, or $1.09 per share in the year-ago quarter. Pro forma earnings dropped 8% year-over-year to $1.02 per share.
Cliff Pemble, CEO of Garmin, said, “2023 is off to a good start with four of our five segments posting double-digit revenue growth driven by new product introductions and solid demand trends.”