Garmin Ltd. (NASDAQ: GRMN), a leading manufacturer of global positioning systems, on Wednesday reported a double-digit increase in third-quarter 2023 revenues and earnings.
Total revenues increased 12% annually to $1.28 billion in the September quarter, reflecting strong growth across all the main operating segments.
Unadjusted net income was $257.2 million or $1.34 per share in the third quarter, compared to $210.8 million or $1.09 per share in the year-ago quarter. Pro forma earnings moved up 14% year-over-year to $1.41 per share.
Cliff Pemble, CEO of Garmin, said, “Looking ahead, we are well positioned for the holiday selling season with a strong lineup of innovative products which gives us confidence to raise our outlook for the remainder of the year.”