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Mar 27, 2021
Garmin Q1 2021 Earnings Report
Reported strong double-digit revenue and operating income growth.
Key Takeaways
Garmin reported a strong first quarter with a 25% increase in total revenue, driven by double-digit growth in the fitness, outdoor, marine, and auto segments. Gross margin and operating margin improved, leading to a 41% increase in operating income and a 30% growth in pro forma EPS.
Total revenue increased by 25% year-over-year to $1.07 billion, driven by growth in 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.
GAAP EPS was $1.14 and pro forma EPS was $1.18, representing 30% growth in pro forma EPS over the prior year quarter.
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 is maintaining its 2021 guidance for revenue of approximately $4.6 billion and pro forma EPS of $5.15.
Revenue & Expenses
Visualization of income flow from segment revenue to net income