Garmin announces first quarter results
Company reports strong double-digit revenue and operating income growth
Schaffhausen, Switzerland / April 28, 2021/ Business Wire – Garmin® Ltd. (NASDAQ: GRMN), today announced results for the first quarter ended March 27, 2021.
Highlights for first quarter 2021 include:
- Total revenue of $1.07 billion, a 25% increase over the prior year quarter led by double-digit growth in the fitness, outdoor, marine and auto segments
- Gross margin improved to 59.8% compared to 59.2% in the prior year quarter
- Operating margin improved to 23.3% compared to 20.7% in the prior year quarter
- Operating income of $250 million, a 41% increase over the prior year quarter
- GAAP EPS was $1.14 and pro forma EPS(1) was $1.18, representing 30% growth in pro forma EPS over the prior year quarter
- Launched Lily™, our smallest and most fashionable smartwatch
- Expanded our market reach to serve endurance athletes with the launch of EnduroTM
- Entered the powersports market with an all-new assortment of products including the rugged Tread™ power sport navigator, the PowerSwitch digital switching system and the BC 40 wireless camera
- Garmin Autoland named a 2020 finalist for the esteemed Robert J. Collier Trophy
View the PDF for the full press release and financial statements.
About Garmin Ltd.
Garmin, the Garmin logo, the Garmin delta, Approach and G3000 are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Enduro, Lily, Rally and Tread are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 26, 2020, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]
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