Garmin Ltd. (NASDAQ: GRMN) reported Q2 EPS of $0.91, $0.52 better than the analyst estimate of $0.39. Revenue for the quarter came in at $870 million versus the consensus estimate of $658.82 million.

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
• GAAP EPS was $0.96 and pro forma EPS(1) was $0.91
• Recently announced the acquisition of Firstbeat Analytics, a leading provider of physiological analytics technology for health, fitness and athletic performance
• Introduced solar charging technology into our Instinct® product line dramatically increasing its battery life, and added solar charging technology to additional fēnix® 6 models
• Garmin Autoland achieved Federal Aviation Administration (FAA) certification for general aviation aircraft in the Piper M600, marking the beginning of a new era in general aviation safety technology
• Expanded our exclusive relationship with Regulator Marine, adding Fusion® Entertainment as standard equipment
• Launched new series of oversized dēzl™ truck navigators

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“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.”

For earnings history and earnings-related data on Garmin Ltd. (GRMN) click here.