Thursday, 30 July 2020

Garmin reports strong second quarter 2020 revenue and income during the COVID-19 pandemic

Garmin Ltd. has today announced results for the second quarter ended June 27, 2020,  which showed the company reported a 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.

Other highlights included, gross margin and operating margin were 59.3% and 21.7%, respectively, 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.

Revenue from the aviation segment declined 31% in the second quarter, as the pandemic negatively impacted OEM and aftermarket product categories, and the ADS-B market rapidly matured. Gross margin and operating margin were 73% and 12%, respectively. During the quarter, we received FAA certification for the Garmin Autoland system in the Piper M600, marking the beginning of a new era for general aviation safety technology. We continue to invest in additional certifications and new products that will make general aviation safer and more accessible.
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