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Sep 25, 2021
Garmin Q3 2021 Earnings Report
Reported record third quarter revenue.
Key Takeaways
Garmin reported a strong third quarter with record consolidated revenue driven by strong demand for active lifestyle products and impressive double-digit growth in the marine and aviation segments. The company's performance exceeded expectations, leading to an updated full-year revenue and EPS guidance.
Total revenue reached $1.19 billion, a 7% increase over the prior year quarter.
Gross and operating margin were 58.4% and 23.7%, respectively.
GAAP EPS was $1.34 and pro forma EPS was $1.41.
Strong demand for active lifestyle products continued, with marine and aviation segments recording impressive double-digit growth.
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
Based on the strong performance in the first three quarters of 2021, the company updated its full year guidance, anticipating revenue of approximately $4.95 billion and a full year pro forma EPS of approximately $5.60.
Positive Outlook
- Anticipate revenue of approximately $4.95 billion
- Projected growth in all segments
- Gross margin of approximately 58.2%
- Operating margin of approximately 24.0%
- Full year pro forma effective tax rate of approximately 11.5%
Revenue & Expenses
Visualization of income flow from segment revenue to net income