Garmin Ltd. (NASDAQ: GRMN), a number one producer of worldwide positioning methods, reported decrease revenues and proforma earnings for the fourth quarter of 2022.
Whole revenues decreased 6% yearly to $1.31 billion within the December quarter, primarily reflecting weak spot within the Health and Auto segments.
Unadjusted web earnings was $293.3 million or $1.53 per share, in comparison with $286.1 million, or $1.48 per share within the year-ago quarter. Professional forma earnings fell 13% year-over-year to $1.35 per share.
Cliff Pemble, CEO of Garmin, stated, “We’re coming into 2023 with a powerful product lineup, and plenty of extra product launches are deliberate all year long. I’m very happy with what we achieved in 2022 and sit up for the alternatives and challenges forward.”