OLATHE, Kan. (BRAIN) — Garmin Ltd. posted record revenue for 2023, while fourth-quarter revenue increased 13% year-over-year boosted by the Fitness segment.
For the year, revenue was $5.23 billion, increasing 8% year-over-year from $4.86 billion in 2022. Fourth-quarter revenue was $1.48 billion, compared with $1.30 billion at the same time last year. Fitness revenue for the quarter was $412 million, compared with $337 million year-over-year, and was sparked by demand for wearables.
"We are entering 2024 with strong momentum from our robust product lineup and have many product launches planned during the year," said Cliff Pemble, Garmin president and CEO.
Year-over-year net income for the fourth quarter increased 85%, from $293 million to $542 million. Earnings per share increased from $1.53 to $2.83 year-over-year. For the year, net income was $1.29 billion, compared with $974 million in 2022.
Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quotes are available at Marketwatch.com.
