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 $2.6 billion of cash and marketable securities
- Garmin ADS-B solution selected for British Airways’ franchise partner SUN-AIR’s Dornier 328 aircraft
- Recognized as an exceptional marine and aviation OEM supplier, winning several awards in the quarter
- With the assistance of Panoptix LiveScope, Garmin sponsored anglers swept the top three spots at the 2020 Bassmaster Classic
- Withdrawing fiscal 2020 guidance due to economic uncertainty caused by the COVID-19 pandemic
(in thousands, except per share data) |
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13-Weeks Ended |
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March 28, |
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March 30, |
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Yr over Yr |
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2020 |
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2019 |
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Change |
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Net sales |
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$ |
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856,108 |
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$ |
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766,050 |
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12 |
% |
Fitness |
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223,601 |
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180,256 |
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24 |
% |
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Marine |
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163,005 |
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133,968 |
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22 |
% |
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Outdoor |
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175,102 |
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154,051 |
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14 |
% |
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Aviation |
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188,599 |
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170,776 |
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10 |
% |
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Auto |
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105,801 |
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126,999 |
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(17 |
)% |
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Gross margin % |
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59.2 |
% |
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59.0 |
% |
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Operating income % |
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20.7 |
% |
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19.8 |
% |
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GAAP diluted EPS |
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$ |
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0.84 |
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$ |
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0.74 |
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14 |
% |
Pro forma diluted EPS (1) |
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$ |
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0.91 |
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$ |
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0.73 |
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25 |
% |
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(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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