Garmin Ltd (GRMN) CEO Clifton Pemble on Q1 2022 Results - Earnings Call Transcript
Garmin Ltd (NYSE:GRMN) Q1 2022 Earnings Conference Call April 27, 2022 10:30 AM ET
Company Participants
Teri Seck - Manager, IR
Clifton Pemble - President, CEO & Director
Douglas Boessen - CFO & Treasurer
Conference Call Participants
Paul Chung - JPMorgan Chase & Co.
William Power - Robert W. Baird & Co.
Nikolay Todorov - Longbow Research
Jeffrey Rand - Deutsche Bank
Benjamin Bollin - Cleveland Research Company
Elizabeth Grenfell - Bank of America Merrill Lynch
Erik Woodring - Morgan Stanley
Operator
Good day, and thank you for standing by. Welcome to Garmin Limited First Quarter 2022 Earnings Conference Call. [Operator Instructions].
I would now like to hand the conference over to your first speaker today to Teri Seck, Director of Investor Relations. Please go ahead.
Teri Seck
Good morning. We would like to welcome you to Garmin Ltd.'s First Quarter 2022 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 Ltd. and its business. Any statements regarding our future financial position, revenues, earnings, gross margins, operating margins, future dividends or share repurchases, market shares, product introductions, 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 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 the 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 Ltd. 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 revenue increased 9% to $1.17 billion, representing a new first quarter record. Four business segments reported revenue growth in the quarter, 3 of which delivered double-digit growth.