Garmin reports fourth quarter results

Company reports record results and proposes dividend increase

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 17, 2021 — Garmin® Ltd. (NASDAQ: GRMN), today announced results for the fourth quarter and fiscal year ended December 26, 2020.

Highlights for fourth quarter 2020 include:

  • Total revenue of $1.35 billion, a 23% increase over the prior year quarter, led by robust growth in the marine, fitness and outdoor segments
  • Gross margin of 58.5% compared to 58.0% in the prior year quarter
  • Operating margin improved to 27.5% compared to 25.1% in the prior year quarter
  • Operating income of $371 million, increasing 34% over the prior year quarter
  • GAAP EPS was $1.73 and pro forma EPS(1) was $1.73, representing 34% growth in pro forma EPS over the prior year quarter
  • Added pregnancy tracking to Garmin Connect, providing innovative new tools to women who want to remain fit and healthy during pregnancy
  • Expanded our reach in the recreational diving market with the launch of the new Descent® Mk2i, our first dive watch featuring air integration in combination with the T1 tank transmitter
  • Garmin Autoland was named one of 2020’s greatest innovations by Popular Science and won a Top Flight Award from Aviation International News
  • Recently announced the acquisition of substantially all the assets of GEOS Worldwide Limited, a leading provider of emergency monitoring and response services for customers around the globe

Highlights for fiscal year 2020 include:

  • Fifth consecutive year of revenue and operating income growth
  • Record consolidated revenue of $4.19 billion, an 11% increase
  • Gross margin of 59.3% compared to 59.5% in the prior year
  • Operating margin of 25.2% consistent with the prior year
  • Record operating income of $1.05 billion, increasing 11% over the prior year
  • GAAP EPS was $5.17 and pro forma EPS(1) was $5.14, representing 16% growth over the prior year pro forma EPS

(in thousands, except per share data)

 

13-Weeks Ended

 

 

52-Weeks Ended

 

 

 

December 26,

 

 

December 28,

 

 

YoY

 

 

December 26,

 

 

December 28,

 

 

YoY

 

 

 

2020

 

 

2019

 

 

Change

 

 

2020

 

 

2019

 

 

Change

 

Net sales

 

$

1,351,405

 

 

$

1,102,233

 

 

 

23

%

 

$

4,186,573

 

 

$

3,757,505

 

 

 

11

%

Fitness

 

 

470,811

 

 

 

372,520

 

 

 

26

%

 

 

1,317,498

 

 

 

1,047,527

 

 

 

26

%

Outdoor

 

 

411,935

 

 

 

294,819

 

 

 

40

%

 

 

1,128,081

 

 

 

917,567

 

 

 

23

%

Aviation

 

 

156,969

 

 

 

193,143

 

 

 

(19

)%

 

 

622,820

 

 

 

735,458

 

 

 

(15

)%

Marine

 

 

171,579

 

 

 

115,779

 

 

 

48

%

 

 

657,848

 

 

 

508,850

 

 

 

29

%

Auto

 

 

140,111

 

 

 

125,972

 

 

 

11

%

 

 

460,326

 

 

 

548,103

 

 

 

(16

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin %

 

 

58.5

%

 

 

58.0

%

 

 

 

 

 

 

59.3

%

 

 

59.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income %

 

 

27.5

%

 

 

25.1

%

 

 

 

 

 

 

25.2

%

 

 

25.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

 

 

$1.73

 

 

 

$1.89

 

 

 

(8

)%

 

 

$5.17

 

 

 

$4.99

 

 

 

4

%

Pro forma diluted EPS (1)

 

 

$1.73

 

 

 

$1.29

 

 

 

34

%

 

 

$5.14

 

 

 

$4.45

 

 

 

16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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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