Garmin reports record 2023 revenue of $5.23 billion; 2024 EPS outlook is $5.40
Garmin reported fourth quarter 2023 revenue of $1.48 billion, up 13%, and full year 2023 revenue of $5.23 billion, up 8%, with pro forma diluted EPS of $5.59, up 9%. For 2024, the company expects revenue of about $5.75 billion but pro forma EPS of about $5.40, below its 2023 pro forma EPS, and it proposed a $3.00 per share dividend and a new $300 million share repurchase authorization.
- Q4 2023 revenue was $1.48 billion, up 13%, and GAAP diluted EPS was $2.82 versus $1.53 a year earlier, including a $181 million Switzerland deferred tax benefit.
- Full year 2023 pro forma diluted EPS was $5.59, up 9% from $5.13 in 2022.
- 2024 guidance calls for revenue of about $5.75 billion, up about 10%, and pro forma EPS of about $5.40.
- The Board intends to recommend a $3.00 per share dividend for 2024, payable in four $0.75 installments, and authorized up to $300 million in share repurchases through December 26, 2026.