Garmin reports record third quarter operating results; issues fiscal 2020 guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — October 28, 2020 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the third quarter ended September 26.

Highlights for third quarter 2020 include:

  • Total revenue of over $1.1 billion, a 19% year-over-year increase, led by robust growth in marine, fitness and outdoor
  • Gross margin and operating margin were 60.2% and 28.6%, respectively
  • Operating income of $317 million, increasing 21% over the prior year quarter
  • GAAP diluted EPS was $1.63 and pro forma diluted EPS(1) was $1.58, increasing 24% over the prior year quarter
  • Named Manufacturer of the Year by the National Marine Electronics Association for the sixth consecutive year
  • Since its launch in 2011, Garmin inReach® has provided remote communication and rescue facilitation in over 5,000 SOS incidents, demonstrating the crucial importance of satellite based two-way messaging wherever our customers need assistance
  • Began production shipments of the BMW MGU 2020 computing module, expanding our role as a tier-one supplier for BMW automobiles
  • Launched the Garmin Catalyst, an industry-first coaching tool to optimize motorsports driving performance
  • Garmin Autoland has achieved Federal Aviation Administration (FAA) certification in a total of three aircraft to-date with the latest being the Cirrus Vision Jet, the first jet aircraft to be certified with this game-changing safety technology

(in thousands, except per share data)

13-Weeks Ended

 

39-Weeks Ended

 

September 26,

 

September 28,

 

YoY

 

September 26,

 

September 28,

 

YoY

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

Net sales

$

1,109,194

 

$

934,383

 

19

%

$

2,835,168

 

$

2,655,273

 

7

%

Marine

 

165,437

 

 

107,694

 

54

%

 

486,269

 

 

393,070

 

24

%

Fitness

 

328,446

 

 

243,099

 

35

%

 

846,688

 

 

675,007

 

25

%

Outdoor

 

334,844

 

 

258,294

 

30

%

 

716,146

 

 

622,748

 

15

%

Auto

 

129,355

 

 

137,722

 

(6

)%

 

320,215

 

 

422,132

 

(24

)%

Aviation

 

151,112

 

 

187,574

 

(19

)%

 

465,850

 

 

542,316

 

(14

)%

 

 

 

 

 

 

 

 

 

 

 

Gross margin %

60.2

%

60.7

%

 

59.6

%

60.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating income %

28.6

%

28.0

%

 

24.1

%

25.2

%

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

$

1.63

 

$

1.19

 

37

%

$

3.44

 

$

3.10

 

11

%

Pro forma diluted EPS (1)

$

1.58

 

$

1.27

 

24

%

$

3.41

 

$

3.16

 

8

%

 

 

 

 

 

 

 

 

 

 

 

(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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