Garmin Ltd. (GRMN) Q1 2023 Earnings Call Transcript

Garmin Ltd. (NYSE:GRMN) Q1 2023 Earnings Conference Call May 3, 2023 10:30 AM ET

Company Participants

Teri Seck - Director of Investor Relations

Clifton Pemble - President & Chief Executive Officer

Doug Boessen - Chief Financial Officer

Conference Call Participants

George Wang - Barclays

Benjamin Bollin - Cleveland Research Company

David MacGregor - Longbow Research

Paul Chung - JPMorgan

Ivan Feinseth - Tigress Financial Partners

Erik Woodring - Morgan Stanley

Operator

Good morning. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to the Garmin Limited First Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you.

Teri Seck, Director of Investor Relations, you may begin your conference.

Teri Seck

Good morning. We would like to welcome you to Garmin Limited's first quarter 2023 earnings call. Please note that the earnings press release and related slides are available at Garmin's Investor Relations site on the Internet at www.garmin.com/stock. An archive of the webcast and related transcript will also be available on our website.

This earnings call includes projections and other forward-looking statements regarding Garmin Limited and its business. Any statements regarding our future financial position, revenues, segment growth rates, earnings, gross margins, operating margins, future dividends or share repurchases, market shares, product introduction, future demand for our products and plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this earnings call may or may not occur and actual results could differ materially as a result of risk factors affecting Garmin. Information concerning these risk factors is contained in our Form 10-K filed with the Securities and Exchange Commission. In particular, there is significant uncertainty about the duration and impact of COVID-19 pandemic. This means that results could change at any time and any statement about the impact of COVID-19 on the company's business results and outlook is the best estimate based on the information available as of today's date.

Presenting on behalf of Garmin Limited this morning are Cliff Pemble, President and Chief Executive Officer; and Doug Boessen, Chief Financial Officer and Treasurer.

At this time, I would like to turn the call over to Cliff Pemble.

Clifton Pemble

Thank you, Teri and good morning, everyone. As reported earlier today, consolidated first quarter revenue came in at $1.15 billion which is down 2% from the prior year. Four of our 5 business segments posted double-digit revenue growth driven by new product introductions and solid demand trends which mostly offset an expected decline in outdoor.