Garmin reports record second quarter revenue and profits; raises guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 31, 2019 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the second quarter ended June 29, 2019.

Highlights for the second quarter 2019 include:

  • Record second quarter revenue of $955 million, a 7% increase, with aviation, marine, fitness and outdoor collectively increasing 12% over the prior year quarter
  • Gross margin of 60.3% compared to 58.5% in the prior year quarter
  • Operating margin of 26.8% compared to 24.3% in the prior year quarter
  • Operating income of $256 million, increasing 18% over the prior year quarter
  • GAAP diluted EPS was $1.17 and pro forma diluted EPS(1) was $1.16, increasing 17% over the prior year quarter
  • Aviation segment continues to capitalize on the ADS-B opportunity with strong unit market share
  • Recently announced the innovative ForceTM trolling motor and won Best of Show at ICAST, the world’s largest sportfishing trade show
  • Launched the refreshed line of Forerunner® running watches, providing both smartwatch features and enhanced running dynamics for all runners
(in thousands,

13-Weeks Ended

 

 

26-Weeks Ended

 

except per share data)

June 29,

 

June 30,

Yr over Yr

 

June 29,

 

June 30,

Yr over Yr

 

2019

 

 

 

2018

 

Change

 

 

2019

 

 

 

2018

 

Change

Net sales

$

954,840

 

$

894,452

 

7

%

$

1,720,890

 

$

1,605,325

 

7

%

Aviation

 

183,965

 

 

153,006

 

20

%

 

354,741

 

 

298,719

 

19

%

Marine

 

151,407

 

 

134,583

 

13

%

 

285,376

 

 

248,138

 

15

%

Fitness

 

251,653

 

 

225,095

 

12

%

 

431,908

 

 

391,130

 

10

%

Outdoor

 

210,404

 

 

201,640

 

4

%

 

364,455

 

 

345,899

 

5

%

Auto

 

157,411

 

 

180,128

 

-13

%

 

284,410

 

 

321,439

 

-12

%

 
Gross margin %

 

60.3

%

 

58.5

%

 

59.7

%

 

59.2

%

 
Operating income %

 

26.8

%

 

24.3

%

 

23.7

%

 

22.4

%

 
GAAP diluted EPS

$

1.17

 

$

1.00

 

17

%

$

1.91

 

$

1.69

 

13

%

Pro forma diluted EPS (1)

$

1.16

 

$

0.99

 

17

%

$

1.89

 

$

1.67

 

13

%

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

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