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- Garmin Ltd GRMN reported second-quarter FY21 revenue growth of 53% year-on-year to $1.33 billion, beating the analyst consensus of $1.11 billion.
- Continued strong demand for active lifestyle products, solid recovery within aviation and auto segments drove the numbers.
- Revenue from Fitness rose 40% Y/Y to $413.2 million, Outdoor increased 57% Y/Y to $323.4 million, Aviation improved 43% Y/Y to $180.8 million, Marine jumped 66% Y/Y to $261.8 million, and Auto sales grew 74% Y/Y to $147.7 million.
- The gross margin contracted 50 basis points to 58.8%, while the operating margin expanded 630 basis points to 28%.
- EPS of $1.68 beat the analyst consensus of $1.26.
- Garmin generated $229.7 million in operating cash flow, $120 million in free cash flow and held $3.20 billion in cash, equivalents, and marketable securities at the end of Q2.
- The company paid dividends worth $117 million.
- Outlook: Garmin raised the FY21 revenue guidance to $4.6 billion to $4.9 billion, above the analyst consensus of $4.71 billion.
- It also increased the non-GAAP EPS guidance to $5.15 to $5.50 versus the analyst consensus of $5.43.
- It expects a gross margin of 58.5% and an operating margin of 23.8%
- Price action: GRMN shares traded higher by 0.63% at $153 in the premarket session on the last check Wednesday.
- Photo by rottonara from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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