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Garmin Ltd. (NASDAQ: GRMN), a leading manufacturer of global positioning systems, reported lower pro forma revenue and earnings for the fourth quarter of 2022.
Total revenue fell 6% year over year to $1.31 billion in the December quarter, mainly reflecting weakness Fitness and Car part.
Unadjusted net income was $293.3 million, or $1.53 per share, compared to $286.1 million, or $1.48 per share in the year-ago quarter. Pro forma earnings fell 13% year over year to $1.35 per share.
Cliff Pemble, CEO of Garmin, said, “We’ve entered 2023 with a strong product lineup, and many more product launches planned throughout the year. I’m very proud of what we’ve accomplished in 2022 and look forward to the opportunities and challenges ahead.
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