Garmin announces first quarter results

Company reports strong double-digit revenue and operating income growth

Schaffhausen, Switzerland / April 28, 2021/ Business Wire – Garmin® Ltd. (NASDAQ: GRMN), today 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 Lily™, our smallest and most fashionable smartwatch
  • Expanded our 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 Tread™ 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