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) |
|
13-Weeks Ended |
|
|||||||||||
|
|
March 28, |
|
|
March 30, |
|
|
Yr over Yr |
|
|||||
|
|
2020 |
|
|
2019 |
|
|
Change |
|
|||||
Net sales |
|
$ |
|
856,108 |
|
|
$ |
|
766,050 |
|
|
|
12 |
% |
Fitness |
|
|
223,601 |
|
|
|
180,256 |
|
|
|
24 |
% |
||
Marine |
|
|
163,005 |
|
|
|
133,968 |
|
|
|
22 |
% |
||
Outdoor |
|
|
175,102 |
|
|
|
154,051 |
|
|
|
14 |
% |
||
| Aviation |
|
|
188,599 |
|
|
|
170,776 |
|
|
|
10 |
% |
||
| Auto |
|
|
105,801 |
|
|
|
126,999 |
|
|
|
(17 |
)% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Gross margin % |
|
|
59.2 |
% |
|
|
59.0 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| Operating income % |
|
|
20.7 |
% |
|
|
19.8 |
% |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| GAAP diluted EPS |
|
$ |
|
0.84 |
|
|
$ |
|
0.74 |
|
|
|
14 |
% |
| Pro forma diluted EPS (1) |
|
$ |
|
0.91 |
|
|
$ |
|
0.73 |
|
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
| (1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS |
|
|||||||||||||
