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 Enduro^TM
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

ROLLS-ROYCE MOTOR CARS REPORTS RECORD FIRST QUARTER RESULTS

Rolls-Royce Motor Cars has delivered the highest-ever first quarter sales results in the marque’s 116-year history in the first three months of 2021. Between 1 January and 31 March, the company delivered 1,380 motor cars to customers, up 62% on the same period in 2020 and surpassing the previous first quarter record set in 2019. Sales growth was seen in all markets, with the strongest in China, US and Asia Pacific.

Rolls-Royce reports record first quarter sales, up 62% on the same period in 2020
Total exceeds previous record set in 2019 and is the highest in the marque’s 116-year history
Sales growth was seen in all markets, with the strongest in China, US and Asia Pacific
High demand for all models, particularly new Ghost and Cullinan, with order books extending well into the second half of 2021; Bespoke commissions also at record levels
Company ‘optimistic’ for remainder of 2021

“Rolls-Royce Motor Cars made a strong start to 2021, reflected today in our first quarter sales figures, which are the highest in our 116-year history. With robust order books across our product range, particularly for the new Ghost and Cullinan, sales growing in key markets and Bespoke commissions running at record levels, our business is in excellent shape. We have every reason to be optimistic for the remainder of 2021.”

Torsten Müller-Ötvös, Chief Executive Officer, Rolls-Royce Motor Cars

Rolls-Royce Motor Cars has delivered the highest-ever first quarter sales results in the marque’s 116-year history in the first three months of 2021.
Between 1 January and 31 March, the company delivered 1,380 motor cars to customers, up 62% on the same period in 2020 and surpassing the previous first quarter record set in 2019. Sales growth was seen in all markets, with the strongest in China, US and Asia Pacific.

Demand for all Rolls-Royce models is extremely buoyant, particularly the new Ghost launched in 2020, and the superluxury SUV, Cullinan, with order books extending well into the second half of 2021.

Rolls-Royce Ghost and Cullinan

Bespoke commissions remain at the record levels seen in 2020, with a number of outstanding individual examples already delivered this year, including the Koa Phantom and Iridescent Opulence Phantom. All 20 of the Phantom Tempus Collection cars have been allocated to customers worldwide.

Reflecting on the results, Müller-Ötvös said, “We’ve responded to recent challenges with our customary boldness, imagination and inventiveness, underpinned by meticulous planning and a relentless focus on our customers’ needs and requirements. Every member of our extraordinary team, at the Home of Rolls-Royce at Goodwood and across the globe, has been crucial to delivering these remarkable results; their skills, talents, commitment and enthusiasm make us who we are.”