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 $5.14, representing 16% growth over the prior year pro forma EPS
(in thousands, except per share data) |
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13-Weeks Ended |
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52-Weeks Ended |
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December 26, |
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December 28, |
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YoY |
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December 26, |
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December 28, |
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YoY |
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2020 |
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2019 |
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Change |
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2020 |
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2019 |
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Change |
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Net sales |
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$ |
1,351,405 |
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$ |
1,102,233 |
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23 |
% |
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$ |
4,186,573 |
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$ |
3,757,505 |
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11 |
% |
| Fitness |
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470,811 |
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372,520 |
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26 |
% |
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1,317,498 |
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1,047,527 |
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26 |
% |
| Outdoor |
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411,935 |
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294,819 |
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40 |
% |
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1,128,081 |
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917,567 |
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23 |
% |
| Aviation |
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156,969 |
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193,143 |
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(19 |
)% |
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622,820 |
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735,458 |
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(15 |
)% |
| Marine |
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171,579 |
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115,779 |
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48 |
% |
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657,848 |
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508,850 |
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29 |
% |
| Auto |
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140,111 |
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125,972 |
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11 |
% |
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460,326 |
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548,103 |
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(16 |
)% |
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| Gross margin % |
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58.5 |
% |
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58.0 |
% |
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59.3 |
% |
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59.5 |
% |
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| Operating income % |
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27.5 |
% |
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25.1 |
% |
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25.2 |
% |
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25.2 |
% |
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| GAAP diluted EPS |
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$1.73 |
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$1.89 |
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(8 |
)% |
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$5.17 |
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$4.99 |
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4 |
% |
| Pro forma diluted EPS (1) |
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$1.73 |
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$1.29 |
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34 |
% |
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$5.14 |
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$4.45 |
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16 |
% |
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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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