Garmin reports strong double-digit revenue and operating income growth


Apr 4, 2021

Last week, Garmin Ltd. (NASDAQ: GRMN), 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 LilyTM, our smallest and most fashionable smartwatch

• Expanded 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 TreadTM 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

“Broad momentum across our business segments resulted in strong double-digit revenue and profit growth,” said Cliff Pemble, President and CEO of Garmin. “Interest in fitness, health, and active lifestyle products has never been higher, and we believe that we are well positioned to capitalize on the opportunities ahead.”

Revenue from the marine segment grew 28% in the first quarter with growth across multiple categories. Gross margin and operating margin were 58% and 29%, respectively, resulting in 53% operating income growth. During the quarter, Garmin experienced strong demand for chartplotters and PanoptixTM LiveScopeTM sonars as customers prepare their boats for the upcoming season.

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