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 |
