Garmin Ltd. (GRMN) Tops Q1 EPS by 7c, Withdraws FY20 Guidance
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Garmin reports strong revenue and operating income growth for first quarter 2020; withdraws fiscal 2020 guidance due to COVID-19 economic uncertainty
April 29, 2020 7:00 AM EDTSCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin Ltd. (Nasdaq: GRMN News) today announced results for the first quarter ended March 28, 2020.
Highlights for first quarter 2020 include:
Total revenue of $856 million, a 12% increase, with fitness, marine, outdoor and aviation collectively increasing 17% over the prior year quarter Gross margin of 59.2% compared to 59.0% in the prior year quarter Operating margin improved to 20.7% compared to 19.8% in the prior year quarter Operating income of $177 million, increasing 17% over the prior year quarter GAAP EPS was $0.84 and pro forma EPS(1) was $0.91, representing 25% growth over the prior... More