Garmin reports 7% revenue increase for Q3

Garmin recently announced results for the third quarter ended September 25, 2021.

Highlights for third quarter 2021 include:
• Total revenue of $1.19 billion, a 7% increase over the prior year quarter;
• Gross and operating margin were 58.4% and 23.7%, respectively;
• Operating income of $283 million, an 11% decrease compared to the prior year quarter;
• GAAP EPS was $1.34 and pro forma EPS(1) was $1.41;
• Named Manufacturer of the Year by the National Marine Electronics Association for the seventh consecutive year;
• Ranked #1 in avionics support for the 18th consecutive year by Aviation International News;
• Received production qualification from BMW for our Olathe, Kansas manufacturing facility;
• Launched the Approach R10, our first portable golf launch monitor;
• Recently hosted fifth annual Garmin Developer Conference where Garmin announced strategic Connect IQ partnerships.

“I am very pleased with our performance in the quarter as we are now comparing against the robust pandemicdriven growth from the prior year,” said Cliff Pemble, President and CEO of Garmin. “Strong demand for active lifestyle products continued, and our marine and aviation segments recorded impressive double-digit growth resulting in record consolidated revenue in the third quarter. We are very pleased with the results we have
delivered thus far, giving us confidence to raise our full year 2021 revenue and EPS guidance.”

Revenue from the marine segment grew 25% in the third quarter with growth across multiple categories, led by strong demand for chartplotters. Gross margin and operating margins were 56% and 26%, respectively, resulting in $54 million of operating income. During the quarter, Garmin launched Surround View, the marine industry’s first intelligent camera system to offer captains a 360-degree bird’s-eye view around the boat. Also, during the quarter, Garmin marine electronics were selected by Malibu Boats to exclusively outfit their full line of Axis wakesurf and wakeboarding boats.

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