NASDAQ$GRMN
Garmin Ltd. · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
Reported record revenue and profits driven by demand for active lifestyle products.
Garmin reported a strong third quarter with total revenue of over $1.1 billion, a 19% year-over-year increase, led by robust growth in marine, fitness and outdoor. Gross margin was 60.2% and operating margin was 28.6%. GAAP diluted EPS was $1.63, a 24% increase over the prior year quarter.
- Total revenue of over $1.1 billion, a 19% year-over-year increase, led by robust growth in marine, fitness and outdoor.
- Gross margin and operating margin were 60.2% and 28.6%, respectively.
- Operating income of $317 million, increasing 21% over the prior year quarter.
- GAAP diluted EPS was $1.63 and pro forma diluted EPS was $1.58, increasing 24% over the prior year quarter.
Headline financials
Revenue & EPS history
Garmin · Revenue · Quarterly
$1.11B
Revenue by segment
Garmin · $1.11B total across 5 segments · Q3 2020
- Outdoor$335M+29.6%30.2%
- Fitness$328M+35.1%29.6%
- Marine$165M+53.6%14.9%
- Aviation$151M-19.4%13.6%
- Auto OEM$129M-6.1%11.7%
Forward guidance
Garmin expects full year 2020 revenue of approximately $4.0 billion with growth in the marine, fitness, and outdoor segments partially offset by declines in the auto and aviation segments. They expect full year pro forma EPS to be approximately $4.70 based upon gross margin of approximately 59.0%, operating margin of approximately 24.0% and a full year pro forma effective tax rate of approximately 10.0%.
Tailwinds
- Full year 2020 revenue of approximately $4.0 billion
- Marine segment revenue growth of approximately 25%
- Fitness segment revenue growth of approximately 20%
- Outdoor segment revenue growth of approximately 15%
- Full year pro forma EPS to be approximately $4.70
Headwinds
- Aviation segment revenue decline of approximately 17%
- Auto segment revenue decline of approximately 20%
- Gross margin of approximately 59.0%
- Operating margin of approximately 24.0%
- Full year pro forma effective tax rate of approximately 10.0%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2020
+0.4%
Avg return
Earnings day
+2.1%
Avg return
5 days after
+3.2%
Avg return
30 days after
51%
37 / 73 earnings
Positive
+19.3%
Q3 2024
Best reaction
-11.5%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.0% | -3.7% | -5.6% | |
| Q4 2025 | +9.7% | +13.9% | +7.1% | |
| Q3 2025 | -11.5% | -15.1% | -21.3% | |
| Q2 2025 | -7.4% | -5.8% | +1.1% | |
| Q1 2025 | -8.4% | -6.8% | -0.6% | |
| Q4 2024 | +12.6% | +3.7% | -2.1% | |
| Q3 2024 | +19.3% | +20.4% | +27.9% | |
| Q2 2024 | -4.6% | -9.9% | +2.2% | |
| Q1 2024 | +14.4% | +16.2% | +13.4% | |
| Q4 2023 | +9.1% | +10.2% | +20.0% | |
| Q3 2023 | +11.6% | +13.4% | +20.6% | |
| Q2 2023 | -0.0% | -0.2% | -0.3% | |
| Q1 2023 | +4.5% | +6.6% | +9.6% | |
| Q4 2022 | +7.4% | +4.7% | +2.1% | |
| Q3 2022 | +1.2% | +3.7% | +7.3% | |
| Q2 2022 | -4.4% | -4.1% | -10.8% | |
| Q1 2022 | +0.6% | +1.6% | -4.1% | |
| Q4 2021 | -5.5% | -4.5% | -0.2% | |
| Q3 2021 | -9.5% | -11.8% | -13.0% | |
| Q2 2021 | +3.8% | +3.8% | +15.7% | |
| Q1 2021 | -1.7% | -2.3% | +0.8% | |
| Q4 2020 | -3.7% | -3.6% | -5.1% | |
| Q3 2020 | +2.1% | +11.4% | +18.7% | |
| Q2 2020 | +0.7% | +0.6% | +4.4% | |
| Q1 2020 | -2.7% | -4.4% | +8.1% | |
| Q4 2019 | +2.8% | -1.8% | -32.0% | |
| Q3 2019 | +6.6% | +7.2% | +11.1% | |
| Q2 2019 | +0.2% | -1.6% | +6.5% | |
| Q1 2019 | -8.1% | -7.5% | -10.8% | |
| Q4 2018 | +16.1% | +17.7% | +17.8% | |
| Q3 2018 | +6.9% | +2.9% | +5.7% | |
| Q2 2018 | +3.3% | +3.4% | +9.1% | |
| Q1 2018 | +2.3% | +0.6% | +4.1% | |
| Q4 2017 | -6.9% | -6.5% | -11.1% | |
| Q3 2017 | +4.0% | +4.8% | +8.2% | |
| Q2 2017 | +3.7% | +4.2% | +3.7% | |
| Q1 2017 | +0.4% | +1.4% | +3.3% | |
| Q4 2016 | +3.7% | +4.3% | +1.3% | |
| Q3 2016 | -3.4% | -2.3% | +6.6% | |
| Q2 2016 | +15.4% | +20.2% | +8.2% | |
| Q1 2016 | +2.3% | — | — | |
| Q4 2015 | +15.7% | — | — | |
| Q3 2015 | +1.8% | — | — | |
| Q2 2015 | -1.4% | — | — | |
| Q1 2015 | -4.8% | — | — | |
| Q4 2014 | -10.7% | — | — | |
| Q3 2014 | -5.3% | — | — | |
| Q2 2014 | -4.4% | — | — | |
| Q1 2014 | +3.1% | — | — | |
| Q4 2013 | +9.3% | — | — | |
| Q3 2013 | -2.7% | — | — | |
| Q2 2013 | +7.2% | — | — | |
| Q1 2013 | -1.6% | — | — | |
| Q4 2012 | -10.8% | — | — | |
| Q3 2012 | -2.3% | — | — | |
| Q2 2012 | +4.5% | — | — | |
| Q1 2012 | -3.5% | — | — | |
| Q4 2011 | -1.4% | — | — | |
| Q3 2011 | +4.9% | — | — | |
| Q2 2011 | +0.5% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2010 | +1.0% | — | — | |
| Q3 2010 | -3.5% | — | — | |
| Q2 2010 | +2.2% | — | — | |
| Q1 2009 | -10.6% | — | — | |
| Q1 2010 | -2.0% | — | — | |
| Q4 2009 | -7.3% | — | — | |
| Q4 2007 | -7.3% | — | — | |
| Q3 2008 | -10.4% | — | — | |
| Q3 2009 | -10.4% | — | — | |
| Q4 2008 | -3.1% | — | — | |
| Q2 2008 | -3.1% | — | — | |
| Q2 2009 | -3.1% | — | — |
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