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
On Monday, January 25, Brunswick Corporation announced that it is increasing production ...
On January 13th, 2021, the National Marine Manufacturers Association (NMMA) – owner and ...
The Jeanneau people have done a great series of marketing videos for their various boat lines. We ...
Boating BC and Canadian Boat Shows announced on December 28th, that the Vancouver ...
Experience AMI Conference & Expo live stream sessions or attend at your own pace with on-demand ...
Let's end the year remembering some of the highlights of 2020 as we begin to prepare for an ...
Environmental science and engineering company JASCO Applied Sciences recently developed and ...
CCEOC Inc., and Boating Industry Canada News Week Digest are pleased to announce that ...
All Exhibitors from the 2020 Toronto International Boat Show have received an email from one of the ...
ABYC presents Sur/Tech 2021, January 6-7, 2021 - Virtual Event. This is a new online learning event ...

WE WILL PUBLISH YOUR MARINE INDUSTRY CAREER OPPORTUNITIES FOR FREE!

 

Boating Industry CanadaAs we start January of 2021, we wanted to remind our Boating Industry Canada News Week Digest readers that we plan to continue posting your marine industry career opportunities at no charge, as a service to the industry.

More and more marine industry employers are looking for technicians, parts people, sales and marketing professionals, yacht brokers and boat builders. There have been career opportunities for Government employees and just about any position you could imagine in the recreational boating industry.

 

 

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
Yamaha also adds new flush, side-mount Digital Electronic Control (DEC) for Helm Master® EX ...
When Linda McErlain and Erica Robertson purchased Anchor’s Away Custom Boat Bedding and re-branded ...
Versatile G/flex Thickened Epoxy Adhesive is now available in a convenient dispensing syringe. The ...
Perhaps the ultimate audio solution for boat owners, the JBL by Harman BassPro Go from Prospec ...
Sunstream® Boat Lifts, a leading manufacturer of high-quality portable and installed boat ...
Many OEMs and owners still opt for round instrument displays. The VL Flex 52 gauge from Veratron is ...
Battery banks are often hard to reach, so when electrolyte levels drop and it's time to add water ...
Who could have imagined it would get this easy? With Epifanes Poly-urethane yacht coatings, ...
It only takes one foggy, disorienting day on the water to make a boat owner understand the value of ...
Whether on an outboard or sterndrive, the lower unit needs clean, fresh gearcase oil for continued ...

IRIS INNOVATIONS LAUNCHES NEW CMAC RANGE OF ON-BOARD CAMERA AND ALARM MANAGEMENT SYSTEMS

CMAC SystemsIris Innovations, specializing in affordable on-board camera security and situational awareness systems, has announced the launch of the industry’s first, fully-integrated command and control system for boat cameras and alarms – CMAC, as well as IrisControl, a new HTML5 application to run on OneHelm™, a third-party application platform by Garmin®.

Compatible with both analogue IP and HD cameras, Iris CMAC combines all of the main elements of a full-featured security and control system into a very stylish enclosure, complete with high-end waterproof connectors and wood-effect end caps.

Read More


 

People

  • Prev
BENETEAU is pleased to announce the appointment of Don Smith as the new President of ...
Marine Marketers of America (MMA) today announced the election of new officers and ...
The Center for Sportfishing Policy (CSP), the nation’s leading advocate for saltwater recreational ...
MarineMax recently announced Julie Balzano as the Brand Marketing Manager to oversee marketing ...
It is with great sadness that we announce that Frank Willis Butler, President and Chief Executive ...
Carling Technologies is saddened to announce that its Director of Sales for the Maretron ...
Groupe Beneteau Americas has announced two important executive appointments in their powerboat ...
Furuno USA is mourning the passing of Commercial Sales Representative Jeff Shield. Jeff passed away ...
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 ...

THOM DAMMRICH TAKES THE HELM OF CENTER FOR SPORTFISHING POLICY BOARD OF DIRECTORS

Thom DammrichThe Center for Sportfishing Policy (CSP), the nation’s leading advocate for saltwater recreational anglers, is pleased to announce its new chairman of the board of directors, Dr. Thom Dammrich. Dammrich was elected to succeed Robert “Bob” Hayes in the leadership role at CSP’s fall board meeting on Thursday, December 3. The board also elected Dave Pfeiffer, president of Shimano North America Fishing, to lead its Management Committee as chairman.

“Thom Dammrich is a visionary founder of CSP who saw the opportunity to unite the recreational fishing and boating industries through our organization 15 years ago, and he has been our biggest cheerleader...

Read More