Garmin Ltd. (NASDAQ: GRMN), a leading manufacturer of GPS-enabled electronic products, on Wednesday reported a double-digit increase in fourth-quarter 2023 revenues and earnings.
Total revenues increased 13% annually to $1.48 billion in the December quarter, reflecting strong growth across all the main operating segments.
Unadjusted net income was $542.1 million or $2.82 per share in the fourth quarter, compared to $293.3 million or $1.53 per share in the year-ago quarter. Pro forma earnings moved up 27% year-over-year to $1.72 per share.
Cliff Pemble, CEO of Garmin, said, “We are entering 2024 with strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2023 and look forward to all that 2024 will bring.”
