Garmin Posts 48% Marine Growth in Q4

Schaffhausen, Switzerland – Garmin® Ltd. (NASDAQ: GRMN), today announced results for the fourth quarter and fiscal year ended December 26, 2020.

Highlights for fourth quarter 2020 include:

  • 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
  • Operating income of $371 million, increasing 34% over the prior year quarter
  • GAAP EPS was $1.73 and pro forma EPS(1) was $1.73, representing 34% growth in pro forma EPS over the prior year quarter
  • Added pregnancy tracking to Garmin Connect, providing innovative new tools to women who want to remain fit and healthy during pregnancy
  • Expanded our reach in the recreational diving market with the launch of the new Descent® Mk2i, our first dive watch featuring air integration in combination with the T1 tank transmitter
  • Garmin Autoland was named one of 2020’s greatest innovations by Popular Science and won a Top Flight Award from Aviation International News
  • Recently announced the acquisition of substantially all the assets of GEOS Worldwide Limited, a leading provider of emergency monitoring and response services for customers around the globe

Revenue from the marine segment grew 48% in the fourth quarter across multiple categories led by chartplotters. Gross margin and operating margin were 56% and 24%, respectively, resulting in 92% operating income growth. Garmin recently updated their mid-range GPSMAP chartplotter series with higher resolution displays and more processing power, and we launched the all new StrikerTM Vivid series with enhanced color depth in an entry level fishfinder.