Garmin has recorded second-quarter revenue down 9% to EUR870m.

“Garmin delivered strong second quarter financial results in a period filled with unprecedented challenges,” said Garmin president and CEO, Cliff Pemble.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

“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.”

Auto:

Revenue from the auto segment declined 46% during the second quarter, as the pandemic significantly impacted driving activity and production of new vehicles. Gross margin was 47% and auto experienced an operating loss of US$10m in the quarter.

See Also:

Additional Financial Information:

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Total operating expenses in the second quarter were US$327m, a 2% increase. Research and development increased 11%, primarily due to engineering personnel costs. Selling, general and administrative expenses increased 3%, driven primarily by personnel related expenses. Advertising decreased 29%, driven by lower media spend in the quarter.

In the second quarter of 2020, Garmin generated around US$142m of free cash flow and paid a quarterly dividend of approximately US$109m.

It ended the quarter with cash and marketable securities of around US$2.7bn.