Garmin Ltd. announced results for the second quarter ended June 27, 2020.
Highlights for second quarter 2020 include:
- Total revenue of $870 million, a 9% year-over-year decrease, as strength in fitness and marine partially offset declines in outdoor, aviation, and automotive.
- Gross margin and operating margin were 59.3% and 21.7%, respectively.
- Expanded an exclusive relationship with Regulator Marine, adding Fusion® Entertainment as standard equipment.
“Garmin delivered strong second quarter financial results in a period filled with unprecedented challenges,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “Business conditions rapidly improved from April lows driven by popular fitness, marine, and outdoor products. We believe these results affirm the resilient nature of our business and the strong utility of our products.”
Revenue from the marine segment grew 4% in the second quarter across multiple categories led by chartplotters and Panoptix sonar technology.
Gross margin and operating margin were 59% and 28%, respectively.
Regulator Marine expanded its exclusive relationship with Garmin, selecting the Fusion Apollo series stereos as standard equipment on its offshore sportfishing center console boats.
The company also launched quatix solar, a marine smartwatch featuring solar charging technology.