Garmin has released its financial results for the third quarter of 2022, reporting a 4% decrease in revenue down to $1.14bn.
Operating income was down at $239m, a 15% decrease compared to the prior year’s quarter.
However, despite some unfavorable reporting, watches specifically were a big part of the business seeing growth in its outdoor segment.
Revenue from the outdoor segment grew 5% in the third quarter, primarily due to growth in adventure watches and inReach devices and services, partially offset by declines in other product lines.
Gross and operating margins were 65% and 36%, respectively, resulting in $121 million of operating income.
Despite wider concerns in the quarter, it will make positive reading for the Kansas-based firm, given the time spent on R&D when it comes to their watch offering.
The MARQ series which was launched in 2019 and given an upgrade this year is the brand’s flagship collection as part of its high-end watch offering.
Reflecting on the results on a whole, Cliff Pemble, President and CEO, explained: “Revenue was negatively impacted by the strengthening of the U.S. Dollar.
“Despite this significant headwind, gross margin expanded and operating margin remained solid. Looking forward, we are lowering our revenue outlook for the remainder of the year consistent with the trends we are experiencing, while also raising our EPS guidance on an improving margin outlook.”
Concluding: “We believe that our strong lineup of innovative products and vertical integration strategy will allow us to remain strong in this challenging economic environment.”
Read more on the updated MARQ offering HERE: