Garmin® reports strong second quarter 2020 revenue and income during the COVID-19 pandemic

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 29, 2020 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the second quarter ended June 27, 2020.

Highlights for second quarter 2020 include:

  • Total revenue of $870 million, a 9% year-over-year decrease, as strength in fitness and marine partially offset declines in outdoor, aviation, and automotive
  • Gross margin and operating margin were 59.3% and 21.7%, respectively
  • GAAP EPS was $0.96 and pro forma EPS(1) was $0.91
  • Recently announced the acquisition of Firstbeat Analytics, a leading provider of physiological analytics technology for health, fitness and athletic performance
  • Introduced solar charging technology into our Instinct® product line dramatically increasing its battery life, and added solar charging technology to additional fēnix® 6 models
  • Garmin Autoland achieved Federal Aviation Administration (FAA) certification for general aviation aircraft in the Piper M600, marking the beginning of a new era in general aviation safety technology
  • Expanded our exclusive relationship with Regulator Marine, adding Fusion® Entertainment as standard equipment
  • Launched new series of oversized dēzl™ truck navigators

(in thousands, except per share data)

 

13-Weeks Ended

 

 

26-Weeks Ended

 

 

 

June 27,

 

 

June 29,

 

 

YoY

 

 

June 27,

 

 

June 29,

 

 

YoY

 

 

 

2020

 

 

2019

 

 

Change

 

 

2020

 

 

2019

 

 

Change

 

Net sales

 

$

869,867

 

 

$

954,840

 

 

(9)%

 

 

$

1,725,975

 

 

$

1,720,890

 

 

0%

 

Fitness

 

 

294,642

 

 

 

251,653

 

 

17%

 

 

 

518,242

 

 

 

431,908

 

 

20%

 

Marine

 

 

157,827

 

 

 

151,407

 

 

4%

 

 

 

320,832

 

 

 

285,376

 

 

12%

 

Outdoor

 

 

206,200

 

 

 

210,404

 

 

(2)%

 

 

 

381,302

 

 

 

364,455

 

 

5%

 

Aviation

 

 

126,140

 

 

 

183,965

 

 

(31)%

 

 

 

314,739

 

 

 

354,741

 

 

(11)%

 

Auto

 

 

85,058

 

 

 

157,411

 

 

(46)%

 

 

 

190,860

 

 

 

284,410

 

 

(33)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin %

 

59.3%

 

 

60.3%

 

 

 

 

 

 

59.2%

 

 

59.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income %

 

21.7%

 

 

26.8%

 

 

 

 

 

 

21.2%

 

 

23.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

 

$

0.96

 

 

$

1.17

 

 

(18)%

 

 

$

1.80

 

 

$

1.91

 

 

(6)%

 

Pro forma diluted EPS (1)

 

$

0.91

 

 

$

1.16

 

 

(22)%

 

 

$

1.82

 

 

$

1.89

 

 

(4)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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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