May 5, 2020

GarminOn April 29, 2020 Garmin Ltd., 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 

Executive Overview from Cliff Pemble, President and Chief Executive Officer: 
“The first quarter of 2020 was remarkably strong continuing the momentum from last year,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “The economic uncertainty and impact on consumer behavior caused by the COVID-19 pandemic affects every business, and we are no exception. Accordingly, we are withdrawing our fiscal 2020 guidance. However, we are optimistic for the long term because the markets we serve and the products we offer are well positioned to thrive in the future.” 

Fitness: 
Revenue from the fitness segment grew 24% in the first quarter driven by strength in advanced wearables and contributions from Tacx. Gross margin and operating margin were 50% and 14%, respectively, resulting in 71% operating income growth. Now more than ever, people are looking for tools that can help them live a healthy life. Our fitness segment is committed to providing innovative and compelling products that motivate our customers to achieve their fitness, health, and wellness goals. 

Marine: 
Revenue from the marine segment grew 22% in the first quarter driven by our innovative chartplotters and advanced sonars. Gross margin and operating margin were 58% and 25%, respectively, resulting in 58% operating income growth. Boating is an active lifestyle pursuit that promotes family time, relaxation, and a sense of freedom. Our marine segment is committed to providing leading edge, high quality products and systems with the latest technology that our customers demand as they turn their attention to activities on the water. 

Outdoor: 
Revenue from the outdoor segment grew 14% in the first quarter with significant contributions from adventure watches. Gross margin and operating margin were 64% and 27%, respectively, resulting in 12% operating income growth. Outdoor recreation is important for those who love adventure and exploring nature. Our outdoor segment is committed to providing compelling products that enable and enrich the experiences of our customers as they turn their attention to activities in the great outdoors. 

2020 Guidance: 
We are withdrawing our fiscal 2020 guidance due to the rapid and unpredictable economic changes caused by the COVID-19 pandemic. Management expects to provide guidance once the trajectory of the economy and consumer behaviors are better understood. 

For additional information, see: https://newsroom.garmin.com/newsroom/press-release-details/2020/Garmin-reports-strong-revenue-and-operating-income-growth-for-first-quarter-2020-withdraws-fiscal-2020-guidance-due-to-COVID-19-economic-uncertainty/default.aspx

Featured Articles

  • Prev
“Limestone” is a heritage Canadian boat brand that has earned a loyal following over the past ...
International BoatBuilders’ Exhibition and Conference Invites Participants to Take Part ...
Marine Industries Association of South Florida and Informa U.S. Boat Shows Announce County and City ...
We have been working closely with ICOMIA Marinas Group, as well as other industry professionals, ...
For owners of all types of boats that are trailered from one lake to another within Canada, (and ...
Registration is now open for International BoatBuilders’ Exhibition and Conference ...
PORTS Managing Editor, Rob MacLeod, is on the road for the next two weeks visiting Marinas and ...
On the heels of the announcement of our partnership with Canadian Yachting Media (CYM) ...
Despite a very rigorous sanitary plan with a series of additional health and ...
METSTRADE and RAI Amsterdam announce with great sadness that the Marine Equipment Trade Show, which ...

STOP INVASIVE SPECIES SPREAD - SEE HOW EASILY YOU CAN “CLEAN, DRAIN, DRY” YOUR WAKEBOAT

 

Clean, Drain, DryFor owners of all types of boats that are trailered from one lake to another within Canada, (and perhaps to waters in the USA when the borders open again) please take the steps to clean, drain and dry your boat and trailer to help stop the spread of aquatic invasive species. If you plan to venture into the USA with your boat and trailer, you may be required to follow specific cleaning protocols.

We should always do this here in Canada as well, even if there are no specific laws requiring it. 

 

 

Read More


 

Boating Industry Canada News Week

 

Every Tuesday we publish a fresh Digest with informative articles pertaining to the Canadian boating and marine industry. Stay up to date with the latest products, research and industry developments.

Missed an Issue of Boating Industry Canada News Week? If you're looking for a specific issue, or simply want to catch up on previous issues, check out our Boating Industry Canada News Week Archives.

Not signed up for News Week? Subscribe here

 

 

 

 

 

Marine Products

  • Prev
Comprehensive system lets users track, monitor and remotely control up to 5 switches on their ...
The next generation of marine and awning fabrics is here. Available in 3 different product ...
Garmin International, Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), the world’s leading ...
Exposed to the elements, outdoor fabrics tend to get exceptionally dirty. Replacing them for ...
Whether afloat all season or stored on the hard, salt spray, wind-blown dirt and the sun's UV rays ...
Lowrance has announced  the expansion of its award-winning Lowrance Ghost freshwater ...
When it comes to durability in harsh marine environments, stainless steel is one material that ...
The new TACO Marine Aluminum Tele-Sun Shade Poles can be mounted to the bow or stern to create a ...
Few things are as frustrating to a boatbuilder as pausing production because of a mislaid part. For ...
Hella marine's Sea Hawk-XL Dual Color LED Floodlight provides optimal illumination no matter the ...

BOATERS BENEFIT FROM PEACE OF MIND ON LAND AND SEA WITH GARMIN ONDECK REMOTE CONNECTIVITY SOLUTION 

Ondeck ConnectivityComprehensive system lets users track, monitor and remotely control up to 5 switches on their vessel from virtually anywhere. Garmin® International Inc., a unit of Garmin Ltd. (NASDAQ:GRMN), leading marine electronics manufacturer, has announced its new OnDeck™ System, a remote monitoring and management solution that gives boaters 24/7 access to critical and timely information about their vessel.

When paired with the ActiveCaptain® app, OnDeck keeps users connected to their vessel by monitoring the boat’s battery status, bilge activity, door/hatch sensors, GPS location and more. For extra peace of mind...

Read More


 

People

  • Prev
Maple Leaf Marinas has announced that Peter Hart has joined the company as General Manager of ...
Bernard “Bernie” Luttmer (b. March 20 1945) passed away peacefully with his family at his side on ...
Navico – parent company to the Lowrance, Simrad Yachting, B&G and C-MAP brands – recently ...
The American Boat & Yacht Council (ABYC), the essential source of technical information ...
Rob Parmentier has been named President & CEO of Sailfish Boats.  Prior to this ...
North South Nautical Group Inc. is pleased to announce the appointment of Dan Peel as a yacht ...
Brunswick Corporation has announced that Yami Hu, Boston Whaler Director of Strategic ...
Propspeed, leading innovator of underwater asset coatings, announced today it has hired Matt ...
Julian Potter has joined E-Plex, the leading brand of multiplexing technology for vehicle ...
The Canadian boating industry lost one of the great ones this past week. Cameron Wardlaw sadly ...