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Mar 28, 2020
Garmin Q1 2020 Earnings Report
Garmin reported strong revenue and operating income growth for Q1 2020 but withdrew fiscal 2020 guidance due to COVID-19 economic uncertainty.
Key Takeaways
Garmin Ltd. announced strong results for the first quarter ended March 28, 2020, with a 12% increase in total revenue to $856 million and a 17% increase in operating income to $177 million. GAAP EPS was $0.84 and pro forma EPS was $0.91, representing 25% growth over the prior year quarter. The company withdrew its fiscal 2020 guidance due to economic uncertainty caused by the COVID-19 pandemic.
Total revenue increased by 12% to $856 million, with fitness, marine, outdoor, and aviation segments collectively growing by 17%.
Operating income grew by 17% to $177 million.
GAAP EPS was $0.84, and pro forma EPS was $0.91, a 25% increase year-over-year.
The company withdrew its fiscal 2020 guidance due to economic uncertainty caused by the COVID-19 pandemic.
Garmin
Garmin
Garmin Revenue by Segment
Garmin Revenue by Geographic Location
Revenue by Segment
Fitness Revenue
CapyFin.comOutdoor Revenue
CapyFin.comAviation Revenue
CapyFin.comMarine Revenue
CapyFin.comAuto OEM Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
Garmin withdrew its 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income