Garmin announces third quarter results

Company reports record third quarter revenue

Schaffhausen, Switzerland / October 27, 2021/ Business Wire – Garmin® Ltd. (NASDAQ: GRMN), today announced results for the third quarter ended September 25, 2021.

Highlights for third quarter 2021 include:

  • Total revenue of $1.19 billion, a 7% increase over the prior year quarter
  • Gross and operating margin were 58.4% and 23.7%, respectively
  • Operating income of $283 million, an 11% decrease compared to the prior year quarter
  • GAAP EPS was $1.34 and pro forma EPS(1) was $1.41
  • Named Manufacturer of the Year by the National Marine Electronics Association for the seventh consecutive year
  • Ranked #1 in avionics support for the 18th consecutive year by Aviation International News
  • Launched the Approach® R10, our first portable golf launch monitor
  • Recently hosted fifth annual Garmin Developer Conference where we announced strategic Connect IQ partnerships

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]

Public Company Information