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Dec 26, 2020
Garmin Q4 2020 Earnings Report
Garmin reported record results led by robust growth in the marine, fitness and outdoor segments and proposed dividend increase.
Key Takeaways
Garmin Ltd. announced record fourth quarter and fiscal year results, with total revenue of $1.35 billion, a 23% increase over the prior year quarter. Strong demand for active lifestyle products fueled growth, and the company expects these trends to continue into 2021.
Total revenue of $1.35 billion, a 23% increase over the prior year quarter, led by robust growth in the marine, fitness and outdoor segments
Gross margin of 58.5% compared to 58.0% in the prior year quarter
Operating margin improved to 27.5% compared to 25.1% in the prior year quarter
GAAP EPS was $1.73 and pro forma EPS was $1.73, representing 34% growth in pro forma EPS over the prior year quarter
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
We expect full year 2021 revenue of approximately $4.6 billion with growth in all segments. We expect our full year pro forma EPS to be approximately $5.15 based upon gross margin of approximately 59.2%, operating margin of approximately 23.5% and a full year pro forma effective tax rate of approximately 10.5%.
Positive Outlook
- Expect full year 2021 revenue of approximately $4.6 billion
- Expect growth in all segments
- Expect full year pro forma EPS to be approximately $5.15
- Expect gross margin of approximately 59.2%
- Expect operating margin of approximately 23.5%
Challenges Ahead
- Pro forma effective tax rate of approximately 10.5%
- Potential future net effect of foreign currency exchange gains and losses
- Certain discrete tax items
- Any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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