Garmin reports strong revenue and operating income growth for first quarter 2020; withdraws fiscal 2020 guidance due to COVID-19 economic uncertainty

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — April 29, 2020 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the first quarter ended March 28, 2020.

Highlights for first quarter 2020 include:

  • Total revenue of $856 million, a 12% increase, with fitness, marine, outdoor and aviation collectively increasing 17% over the prior year quarter
  • Gross margin of 59.2% compared to 59.0% in the prior year quarter
  • Operating margin improved to 20.7% compared to 19.8% in the prior year quarter
  • Operating income of $177 million, increasing 17% over the prior year quarter
  • GAAP EPS was $0.84 and pro forma EPS(1) was $0.91, representing 25% growth over the prior year quarter
  • Strong balance sheet with no debt and $2.6 billion of cash and marketable securities
  • Garmin ADS-B solution selected for British Airways’ franchise partner SUN-AIR’s Dornier 328 aircraft
  • Recognized as an exceptional marine and aviation OEM supplier, winning several awards in the quarter
  • With the assistance of Panoptix LiveScope, Garmin sponsored anglers swept the top three spots at the 2020 Bassmaster Classic
  • Withdrawing fiscal 2020 guidance due to economic uncertainty caused by the COVID-19 pandemic

(in thousands, except per share data)

 

13-Weeks Ended

 

 

 

March 28,

 

 

March 30,

 

 

Yr over Yr

 

 

 

2020

 

 

2019

 

 

Change

 

Net sales

 

$

 

856,108

 

 

$

 

766,050

 

 

 

12

%

Fitness

 

 

223,601

 

 

 

180,256

 

 

 

24

%

Marine

 

 

163,005

 

 

 

133,968

 

 

 

22

%

Outdoor

 

 

175,102

 

 

 

154,051

 

 

 

14

%

Aviation

 

 

188,599

 

 

 

170,776

 

 

 

10

%

Auto

 

 

105,801

 

 

 

126,999

 

 

 

(17

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin %

 

 

59.2

%

 

 

59.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income %

 

 

20.7

%

 

 

19.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

 

$

 

0.84

 

 

$

 

0.74

 

 

 

14

%

Pro forma diluted EPS (1)

 

$

 

0.91

 

 

$

 

0.73

 

 

 

25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(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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