SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 29, 2020 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the second quarter ended June 27, 2020.
Highlights for second quarter 2020 include:
- Total revenue of $870 million, a 9% year-over-year decrease, as strength in fitness and marine partially offset declines in outdoor, aviation, and automotive
- Gross margin and operating margin were 59.3% and 21.7%, respectively
- GAAP EPS was $0.96 and pro forma EPS(1) was $0.91
- Recently announced the acquisition of Firstbeat Analytics, a leading provider of physiological analytics technology for health, fitness and athletic performance
- Introduced solar charging technology into our Instinct® product line dramatically increasing its battery life, and added solar charging technology to additional fēnix® 6 models
- Garmin Autoland achieved Federal Aviation Administration (FAA) certification for general aviation aircraft in the Piper M600, marking the beginning of a new era in general aviation safety technology
- Expanded our exclusive relationship with Regulator Marine, adding Fusion® Entertainment as standard equipment
- Launched new series of oversized dēzl™ truck navigators
(in thousands, except per share data) |
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13-Weeks Ended |
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26-Weeks Ended |
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June 27, |
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June 29, |
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YoY |
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June 27, |
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June 29, |
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YoY |
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2020 |
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2019 |
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Change |
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2020 |
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2019 |
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Change |
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Net sales |
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$ |
869,867 |
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$ |
954,840 |
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(9)% |
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$ |
1,725,975 |
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$ |
1,720,890 |
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0% |
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| Fitness |
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294,642 |
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251,653 |
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17% |
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518,242 |
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431,908 |
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20% |
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| Marine |
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157,827 |
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151,407 |
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4% |
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320,832 |
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285,376 |
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12% |
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| Outdoor |
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206,200 |
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210,404 |
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(2)% |
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381,302 |
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364,455 |
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5% |
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| Aviation |
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126,140 |
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183,965 |
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(31)% |
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314,739 |
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354,741 |
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(11)% |
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| Auto |
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85,058 |
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157,411 |
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(46)% |
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190,860 |
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284,410 |
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(33)% |
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| Gross margin % |
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59.3% |
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60.3% |
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59.2% |
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59.7% |
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| Operating income % |
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21.7% |
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26.8% |
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21.2% |
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23.7% |
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| GAAP diluted EPS |
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$ |
0.96 |
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$ |
1.17 |
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(18)% |
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$ |
1.80 |
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$ |
1.91 |
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(6)% |
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| Pro forma diluted EPS (1) |
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$ |
0.91 |
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$ |
1.16 |
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(22)% |
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$ |
1.82 |
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$ |
1.89 |
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(4)% |
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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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