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 |
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|
September 26, |
|
September 28, |
|
YoY |
|
September 26, |
|
September 28, |
|
YoY |
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|
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
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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 |
)% |
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|
|
|
|
|
|
|
|
|
|
|
|
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| Gross margin % |
60.2 |
% |
60.7 |
% |
|
59.6 |
% |
60.1 |
% |
|
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|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| Operating income % |
28.6 |
% |
28.0 |
% |
|
24.1 |
% |
25.2 |
% |
|
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|
|
|
|
|
|
|
|
|
|
|
|
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| 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 |
% |
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|
|
|
|
|
|
|
|
|
|
|
|
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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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