Garmin announces second quarter results

Schaffhausen, Switzerland / July 28, 2021/ Business Wire – Garmin® Ltd. (NASDAQ: GRMN), today announced results for the second quarter ended June 26, 2021.

Highlights for second quarter 2021 include:

  • Total revenue of $1.33 billion, a 53% increase over the prior year quarter with double-digit growth in all segments
  • Gross margin of 58.8% compared to 59.3% in the prior year quarter
  • Operating margin improved to 28.0% compared to 21.7% in the prior year quarter
  • Operating income of $371 million, a 97% increase over the prior year quarter
  • GAAP EPS was $1.64 and pro forma EPS(1) was $1.68, representing 85% growth in pro forma EPS over the prior year quarter
  • Garmin Autoland was awarded the 2020 Robert J. Collier Trophy, which recognizes the greatest achievements in aeronautics or astronautics in America
  • Expanded our family of health and fitness smartwatches with the launch of Venu 2 and Venu 2S
  • Launched Descent Mk2S, our smallest watch-style dive computer

View the PDF for the full press release and financial statements.

About Garmin International, Inc.

Garmin International Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark.

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 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.


Investor Relations Contact: Teri Seck
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]

Media Relations Contact: Krista Klaus
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]

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