Garmin Ltd. (NASDAQ: GRMN), a leading manufacturer of global positioning systems, reported lower revenues and proforma earnings for the fourth quarter of 2022.
Total revenues decreased 6% annually to $1.31 billion in the December quarter, mainly reflecting weakness in the Fitness and Auto segments.
Unadjusted net income was $293.3 million or $1.53 per share, compared to $286.1 million, or $1.48 per share in the year-ago quarter. Pro forma earnings fell 13% year-over-year to $1.35 per share.
Cliff Pemble, CEO of Garmin, said, “We are entering 2023 with a strong product lineup, and many more product launches are planned throughout the year. I am very proud of what we accomplished in 2022 and look forward to the opportunities and challenges ahead.”