Garmin Ltd. (Nasdaq: GRMN) today announced results for the
second quarter ended July 1, 2017.
Highlights for the second quarter 2017 include:
- Total revenue of $817 million, growing
1% over the prior year, with outdoor, aviation, marine and fitness
collectively growing 8% over the prior year quarter and
contributing 74% of total revenue
- Gross margin improved to 58.5% compared
to 57.0% in the prior year quarter
- Operating margin improved to 24.9%
compared to 24.7% in the prior year quarter
- Operating income was $203 million,
growing 1% over the prior year quarter
- GAAP EPS was $0.91 and pro forma EPS(1)
was $0.88
- Strong demand for the highly
anticipated fēnix® 5 watch series led to significant growth in our
outdoor segment
- Launched the VIRB® 360, our first
immersive 360-degree 5.7K/30 fps spherical camera
- Our Connect IQ store has delivered 17
million downloads to our customers in the past year bringing the
total number of downloads since inception to over 30 million
(in thousands,
13-Weeks Ended
26-Weeks Ended except per share data)
July 1, June
25, Yr over Yr July 1, June 25, Yr over
Yr 2017 2016 Change 2017
2016 Change Net sales $816,885 $811,609 1 %
$1,455,431 $1,435,648 1 % Outdoor 194,776 133,096 46 % 310,652
229,923 35 % Aviation 124,060 108,331 15 % 246,931 214,647 15 %
Marine 108,545 111,599 -3 % 212,990 194,479 10 % Fitness 181,022
212,855 -15 % 318,852 355,273 -10 % Auto 208,482 245,728 -15 %
366,006 441,326 -17 % Gross margin % 58.5 % 57.0 % 58.4 %
55.9 % Operating income % 24.9 % 24.7 % 22.0 % 21.2 %
GAAP diluted EPS $0.91 $0.85 7 % $2.17 $1.31 65 % Pro forma diluted
EPS (1) $0.88 $0.87 1 % $1.40 $1.36 3 % (1) See attached table for
reconciliation of non-GAAP measures including pro forma diluted EPS
Executive Overview from Cliff Pemble,
President and Chief Executive Officer:
“We delivered another quarter of revenue and earnings growth led
by strong double-digit growth in our outdoor and aviation
segments,” said Cliff Pemble, president and chief executive officer
of Garmin Ltd. “The demand for advanced wearables was particularly
strong, but was partially offset by negative trends in the activity
tracker market. Our results thus far give us confidence in raising
our outlook for the remainder of the year.”
Outdoor:
During the second quarter of 2017, the outdoor segment grew 46%
driven by strong demand for our fēnix® 5 watch series. Gross margin
improved to 66% while operating margin improved to 38%, resulting
in operating income growth of 53%. We launched the Approach® S60,
our newest GPS golf watch with a sunlight-readable color
touchscreen display, and recently announced new offerings in our
Foretrex® and Rino® lineup. Looking forward, we are focused on
growth opportunities in wearables and inReach product lines.
Aviation:
The aviation segment posted revenue growth of 15%, driven
primarily by strong aftermarket sales and positive contributions
from OEM product categories. Gross and operating margins were
strong at 75% and 32%, respectively, resulting in 28% operating
income growth. During the quarter, we announced our first Head-up
Display (GHD) system for integrated flight decks and are pleased
that it will be incorporated on the Cessna Citation Longitude
coupled with the G5000® integrated flight deck. We also received
approval from the European Aviation Safety Agency for our
previously announced G1000® NXi system. Looking forward, we are
focused on maximizing ADS-B mandate opportunities and gaining share
in the OEM market.
Marine:
Revenue in the marine segment declined 3% during the quarter,
with gross and operating margins of 57% and 22%, respectively. For
the first half of the year we delivered 10% revenue growth and 9%
operating income growth and remain confident in our outlook for the
year. During the second quarter of 2017, we announced the
acquisition of Active Corporation, a developer of crowd sourced
content for boaters and launched our latest marine wearable, the
quatix® 5, adding autopilot control and the ability to mark remote
multifunction display waypoints. Looking forward, we are focused on
product innovations and gaining share in the inland fishing
category.
Fitness:
Revenue in the fitness segment declined 15% during the quarter,
with gross and operating margins of 56% and 21%, respectively. The
drop in revenue was primarily driven by a decline in the activity
tracker category due to the general decline of the basic activity
tracker market and the timing of product introductions. Looking
forward, we are focused on growth opportunities in advanced
wearables devices.
Auto:
The auto segment recorded revenue decline of 15% in the second
quarter of 2017, primarily due to the ongoing PND market
contraction partially offset by growth in niche categories such as
fleet, camera and RV. Gross and operating margin declined
year-over-year to 45% and 13%, respectively but increased
sequentially. During the second quarter of 2017, we launched the
VIRB® 360, a compact, multi-lens, full spherical 360-degree camera.
The VIRB 360 offers an easy-to-use camera that captures video up to
5K/30fps with four built in microphones and easy upload. Looking
forward, we are focused on disciplined execution to bring desired
innovation to the market and to optimize profitability in the
segment.
Additional Financial
Information:
Total operating expenses in the quarter were $275 million, an
increase of 5% over the prior year. Research and development
increased 11% primarily due to engineering personnel costs related
to our wearable product offerings and aviation. Selling, general
and administrative expenses increased 2%, and were relatively flat
as a percent of sales. Advertising decreased 5% primarily due to
reduced media spending and lower cooperative advertising.
The effective tax rate in the second quarter of 2017 was 25.0%.
The pro forma effective tax rate in the second quarter of 2017 was
21.9% (see attached table for reconciliation of this non-GAAP
measure) compared to an effective tax rate of 21.0% in the prior
year quarter. The year-over-year increase in the pro forma
effective tax rate is primarily due to the Company’s election to
align certain Switzerland corporate tax positions with evolving
international tax initiatives partially offset by income mix by tax
jurisdiction.
In the second quarter of 2017, we generated $129 million of free
cash flow (see attached table for reconciliation of this non-GAAP
measure). We continued to return cash to shareholders with our
quarterly dividend of approximately $96 million and our share
repurchases activity, which totaled approximately $36 million in
the second quarter of 2017. We have approximately $11 million
remaining in the share repurchase program authorized through
December 31, 2017. We ended the quarter with cash and marketable
securities of approximately $2.3 billion.
2017 Guidance:
Based on our performance in the first half of 2017, we are
updating our full year guidance. We now anticipate revenue of
approximately $3.04 billion driven primarily by higher expectations
for our outdoor and aviation segments partially offset by lower
expectations for the fitness segment. Our outlook for marine and
auto is unchanged. We anticipate our full year pro forma EPS will
be approximately $2.80 based on an improved gross margin of about
57.5%, operating margin of about 21% and a full year pro forma
effective tax rate of about 22%.
2017 Guidance Updated
Prior Revenue ~$3.04 B ~$3.02 B Operating
Income ~$640 M ~$605 M Operating Margin ~21% ~20% Tax Rate (Pro
Forma)(1) ~22% ~22% EPS (Pro Forma)(1) ~$2.80 ~$2.65 (1) See
attached table for reconciliation of non-GAAP measures including
forward-looking pro forma tax rate and EPS
2017 Revenue
Guidance
Updated Prior Outdoor 25% 10% Aviation
10% 5% Marine 10% 10% Fitness -5% 5% Auto -17% -17%
Webcast
Information/Forward-Looking Statements:
The information for Garmin Ltd.’s earnings call is as
follows:
When: Wednesday, August 2, 2017 at 10:30 a.m.
Eastern Where:
http://www.garmin.com/en-US/company/investors/events/
How: Simply log on to the web at the address above or call to
listen in at 855-757-3897
An archive of the live webcast will be available until August 3,
2018 on the Garmin website at www.garmin.com. To access the replay,
click on the Investor Relations link and select the Quarterly and
Annual Earnings page.
This release includes projections and other forward-looking
statements regarding Garmin Ltd. and its business that are commonly
identified by words such as “would,” “may,” “expects,” “estimates,”
“plans,” “intends,” “projects,” and other words or phrases with
similar meanings. Any statements regarding the Company’s GAAP and
pro forma estimated earnings, EPS, and effective tax rate, and the
Company’s expected segment revenue growth rates, consolidated
revenue, gross margins, operating margins, currency movements,
expenses, pricing, new products to be introduced in 2017,
statements relating to possible future dividends and the Company’s
plans and objectives are forward-looking statements. The
forward-looking events and circumstances discussed in this release
may not occur and actual results could differ materially as a
result of risk factors and uncertainties affecting Garmin,
including, but not limited to, the risk factors that are described
in the Annual Report on Form 10-K for the year ended December 31,
2016 filed by Garmin with the Securities and Exchange Commission
(Commission file number 0-31983). A copy of Garmin’s 2016 Form 10-K
can be downloaded from
http://www.garmin.com/aboutGarmin/invRelations/finReports.html.
Garmin, the Garmin logo, the Garmin delta, fēnix, Approach,
Rino, Foretrex, G1000, G5000, quatix, and VIRB are trademarks of
Garmin Ltd. or its subsidiaries and are registered in one or more
countries, including the U.S.; Garmin Elevate and QuickFit are
trademarks of Garmin Ltd. or its subsidiaries. All other brands,
product names, company names, trademarks and service marks are the
properties of their respective owners. All rights reserved
Garmin Ltd. And Subsidiaries Condensed
Consolidated Statements of Income (Unaudited) (In thousands,
except per share information)
13-Weeks Ended
26-Weeks Ended July 1, June 25, July 1,
June 25, 2017 2016 2017
2016 Net sales $816,885 $811,609 $1,455,431
$1,435,648 Cost of goods sold 339,027 348,651 605,450
632,840 Gross profit 477,858 462,958 849,981
802,808 Advertising expense 42,009 44,252 73,533 76,485
Selling, general and administrative expense 105,251 103,677 207,303
199,287 Research and development expense 127,248 114,355
249,450 222,559 Total operating expense 274,508
262,284 530,286 498,331 Operating
income 203,350 200,674 319,695 304,477 Other income
(expense): Interest income 9,281 8,455 17,724 15,883 Foreign
currency gains (losses) 15,110 (5,743 ) (22,387 ) (10,582 ) Other
income 314 415 715 1,570 Total other income
(expense) 24,705 3,127 (3,948 ) 6,871 Income
before income taxes 228,055 203,801 315,747 311,348 Income
tax provision (benefit) 57,105 42,737 (93,015 ) 62,193
Net income $170,950 $161,064 $408,762
$249,155 Net income per share: Basic $0.91 $0.85
$2.17 $1.32 Diluted $0.91 $0.85 $2.17 $1.31
Weighted average common shares
outstanding:
Basic 187,757 188,892 187,974 189,195 Diluted 188,492 189,356
188,691 189,491
Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets (In thousands,
except per share information)
(Unaudited) July
1, December 31, 2017 2016
Assets Current assets: Cash and cash equivalents $859,560
$846,883 Marketable securities 248,904 266,952 Accounts receivable,
net 514,942 527,062 Inventories, net 525,167 484,821 Deferred costs
49,603 47,395 Prepaid expenses and other current assets 106,758
89,903 Total current assets 2,304,934 2,263,016
Property and equipment, net 517,290 482,878
Marketable securities 1,200,432 1,213,285 Restricted cash 117 113
Deferred income taxes 265,719 110,293 Noncurrent deferred costs
62,741 56,151 Intangible assets, net 309,318 305,002 Other assets
88,221 94,395 Total assets $4,748,772
$4,525,133
Liabilities and Stockholders'
Equity Current liabilities: Accounts payable $161,398 $172,404
Salaries and benefits payable 86,955 88,818 Accrued warranty costs
37,012 37,233 Accrued sales program costs 51,531 80,953 Deferred
revenue 145,603 146,564 Accrued royalty costs 29,378 36,523 Accrued
advertising expense 23,180 37,440 Other accrued expenses 95,626
70,469 Income taxes payable 10,961 16,163 Dividend payable 286,865
96,168 Total current liabilities 928,509 782,735
Deferred income taxes 56,691 61,220 Noncurrent income taxes
131,887 121,174 Noncurrent deferred revenue 145,582 140,407 Other
liabilities 1,656 1,594 Stockholders' equity:
Shares, CHF 0.10 par value, 198,077 shares
authorized and issued; 187,703 shares outstanding at July 1, 2017
and 188,565 shares outstanding at December 31, 2016
17,979 17,979 Additional paid-in capital 1,839,587 1,836,047
Treasury stock (496,342 ) (455,964 ) Retained earnings 2,083,076
2,056,702 Accumulated other comprehensive income (loss) 40,147
(36,761 ) Total stockholders' equity 3,484,447
3,418,003 Total liabilities and stockholders' equity
$4,748,772 $4,525,133
Garmin Ltd.
And Subsidiaries Condensed Consolidated Statements of Cash
Flows (Unaudited) (In thousands)
26-Weeks Ended July 1, June
25, 2017 2016 Operating activities: Net
income $408,762 $249,155
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 29,558 26,657 Amortization 13,273 14,852 (Gain) loss
on sale or disposal of property and equipment (56 ) 64 Provision
for doubtful accounts 351 1,548 Deferred income taxes (159,719 )
(6,074 ) Unrealized foreign currency loss 25,928 3,198 Provision
for obsolete and slow moving inventories 11,072 15,892 Stock
compensation expense 20,385 19,507 Realized loss (gain) on
marketable securities 584 (188 ) Changes in operating assets and
liabilities: Accounts receivable 23,785 24,415 Inventories (34,621
) (16,672 ) Other current and non-current assets (6,328 ) (865 )
Accounts payable (20,942 ) (32,291 ) Other current and non-current
liabilities (48,162 ) (10,806 ) Deferred revenue 2,988 (13,066 )
Deferred costs (8,383 ) (6,089 ) Income taxes payable 5,352
10,135 Net cash provided by operating activities 263,827
279,372
Investing activities: Purchases of property
and equipment (39,812 ) (28,614 ) Proceeds from sale of property
and equipment 121 - Purchase of intangible assets (6,336 ) (2,831 )
Purchase of marketable securities (243,880 ) (457,433 ) Redemption
of marketable securities 278,719 466,526 Change in restricted cash
- 2 Acquisitions, net of cash acquired (7,500 ) (62,137 ) Net cash
used in investing activities (18,688 ) (84,487 )
Financing activities: Dividends paid (191,691 ) (193,111 )
Purchase of treasury stock under share repurchase plan (63,957 )
(45,097 ) Purchase of treasury stock related to equity awards
(3,582 ) (173 ) Proceeds from issuance of treasury stock related to
equity awards 10,316 8,970 Tax benefit from issuance of equity
awards - 2 Net cash used in financing activities
(248,914 ) (229,409 ) Effect of exchange rate changes on
cash and cash equivalents 16,452 2,918 Net increase
(decrease) in cash and cash equivalents 12,677 (31,606 ) Cash and
cash equivalents at beginning of period 846,883 833,070
Cash and cash equivalents at end of period $859,560
$801,464
Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit, and Operating
Income by Segment (Unaudited)
(In thousands)
Reportable Segments
Outdoor
Fitness
Marine
Auto
Aviation
Total
13-Weeks Ended July 1, 2017 Net sales $194,776
$181,022 $108,545
$208,482
$124,060 $816,885 Gross profit $127,813 $102,139 $62,368 $93,037
$92,501 $477,858 Operating income $74,284 $37,487 $24,295 $27,926
$39,358 $203,350
13-Weeks Ended June 25, 2016
Net sales $133,096 $212,855 $111,599 $245,728 $108,331
$811,609 Gross profit $85,224 $119,805 $64,515 $112,988 $80,426
$462,958 Operating income $48,565 $53,074 $28,548 $39,623 $30,864
$200,674
26-Weeks Ended July 1, 2017
Net sales $310,652 $318,852 $212,990 $366,006 $246,931
$1,455,431 Gross profit $201,282 $179,879 $122,116 $162,970
$183,734 $849,981 Operating income $108,735 $55,959 $42,440 $34,595
$77,966 $319,695
26-Weeks Ended June 25, 2016
Net sales $229,923 $355,273 $194,479 $441,326 $214,647 $1,435,648
Gross profit $144,155 $192,100 $108,664 $199,131 $158,758 $802,808
Operating income $76,450 $69,647 $38,840 $58,190 $61,350 $304,477
Garmin Ltd. And Subsidiaries Net Sales by
Geography (Unaudited) (In thousands)
13-Weeks Ended 26-Weeks Ended
July 1, June 25, Yr
over Yr July 1, June 25,
Yr over Yr 2017 2016 Change
2017 2016 Change Net sales $816,885 $811,609 1
% $1,455,431 $1,435,648 1 % Americas 388,092 407,017 -5 % 708,281
724,974 -2 % EMEA 315,039 309,721 2 % 541,834 535,448 1 % APAC
113,754 94,871 20 % 205,316 175,226 17 % EMEA - Europe, Middle East
and Africa; APAC - Asia Pacific and Australian Continent
Non-GAAP Financial Information
To supplement our financial results presented in accordance with
GAAP, this release includes the following measures defined by the
Securities and Exchange Commission as non-GAAP financial measures:
pro forma net income (earnings) per share, forward-looking pro
forma earnings per share, pro forma effective tax rate,
forward-looking pro forma effective tax rate and free cash flow.
These non-GAAP measures are not based on any comprehensive set of
accounting rules or principles and should not be considered a
substitute for, or superior to, financial measures calculated in
accordance with GAAP, and may be different from non-GAAP measures
used by other companies. Management believes providing investors
with an operating view consistent with how it manages the Company
provides enhanced transparency into the operating results of the
Company.
Pro forma effective tax rate
The Company’s income tax expense is periodically impacted by
discrete tax items that are not reflective of income tax expense
incurred as a result of current period earnings. Therefore, the
effective tax rate and income tax provision before the effect of
such discrete tax items are important measures to permit consistent
comparison between periods. In fiscal 2016, there were no such
discrete tax items identified.
Garmin Ltd. And Subsidiaries Pro Forma Effective
Tax Rate (in thousands, except effective tax rate (ETR)
information)
13-Weeks Ended 26-Weeks Ended July
1, July 1, 2017 2017 $
ETR(1) $ ETR(1) U.S. GAAP income
tax provision (benefit) $57,105 25.0 % ($93,015 ) (29.5 %) Pro
forma discrete tax items: Revaluation of deferred tax asset(2) -
168,755 Tax expense from share-based award expirations(3) (7,275 )
(7,275 ) Total pro forma discrete tax items (7,275 )
161,480 Income tax provision
(Pro Forma) $49,830 21.9 % $68,465
21.7 % (1) Effective tax rate is calculated by taking
the Income tax provision (benefit) divided by Income before taxes,
as presented on the face of the Condensed Consolidated Statements
of Income.
(2) In first quarter 2017, a $169 million
tax benefit was recognized resulting from the revaluation of
certain Switzerland deferred tax assets. The revaluation is due to
the Company’s election in February 2017 to align certain
Switzerland corporate tax positions with international tax
initiatives. As this revaluation is not reflective of income tax
expense incurred related to the current period earnings, and
therefore affects period-to-period comparability, it has been
identified as a pro forma adjustment.
(3) Following adoption in fiscal 2017 of
Accounting Standards Update No. 2016-09, Compensation – Stock
Compensation (Topic 718): Improvements to Employee Share-Based
Payment Accounting (“ASU 2016-09”), the Company may periodically
incur tax expense resulting from stock options and stock
appreciation rights (SARs) expiring unexercised. New grants of
stock options and SARs no longer comprise a significant component
of the Company’s compensation arrangements. As the tax expense from
expired awards is not related to current period earnings or
compensation activities, and affects period-to-period
comparability, it has been identified as a pro forma
adjustment.
The net release of uncertain tax position reserves, amounting to
approximately $2.9 million and $4.9 million in the first half of
2017 and 2016, respectively, have not been included as pro forma
adjustments in the above presentation of pro forma income tax
provision as such amounts tend to be more recurring in nature.
Pro forma net income (earnings) per share
Management believes that net income (earnings) per share before
the impact of foreign currency gains or losses and certain discrete
income tax items, as discussed above, is an important measure in
order to permit a consistent comparison of the Company’s
performance between periods.
Garmin Ltd. And Subsidiaries Pro Forma Net Income
(Earnings) Per Share (in thousands, except per share
information)
13-Weeks Ended 26-Weeks Ended July
1, June 25, July 1, June 25, 2017
2016 2017 2016
Net income (GAAP) $170,950 $161,064 $408,762 $249,155
Foreign currency gains / losses(1) (15,110 ) 5,743 22,387 10,582
Tax effect of foreign currency gains / losses(2) 3,302 (1,204 )
(4,855 ) (2,114 ) Discrete tax items(3) 7,275
- (161,480 ) - Net income (Pro Forma)
$166,417 $165,603 $264,814
$257,623 Net income per share (GAAP):
Basic $0.91 $0.85 $2.17 $1.32 Diluted $0.91 $0.85 $2.17 $1.31
Net income per share (Pro Forma): Basic $0.89 $0.88 $1.41
$1.36 Diluted $0.88 $0.87 $1.40 $1.36 Weighted average
common shares outstanding: Basic 187,757 188,892 187,974 189,195
Diluted 188,492 189,356 188,691 189,491 (1) The majority of the
Company’s consolidated foreign currency gains and losses are
typically driven by movements in the Taiwan Dollar, Euro, and
British Pound Sterling in relation to the U.S. Dollar and the
related exchange rate impact on the significant cash, receivables,
and payables held in a currency other than the functional currency
at one of the Company’s subsidiaries. However, there is minimal
cash impact from such foreign currency gains and losses. (2)
The tax effect of foreign currency gains and losses was calculated
using the pro forma effective tax rate of 21.9% and 21.7% for the
quarter and year-to-date ended July 1, 2017, respectively, and an
effective tax rate of 21.0% and 20.0% for the quarter and
year-to-date ended June 25, 2016, respectively. (3) The
discrete tax items are discussed in the pro forma effective tax
rate section.
Free cash flow
Management believes that free cash flow is an important
financial measure because it represents the amount of cash provided
by operations that is available for investing and defines it as
operating cash flow less capital expenditures for property and
equipment.
Garmin Ltd. And Subsidiaries Free Cash Flow
(in thousands)
13-Weeks Ended 26-Weeks Ended
July 1, June 25, July 1, June 25,
2017 2016 2017
2016 Net cash provided by operating activities
$143,432 $149,985 $263,827 $279,372 Less: purchases of property and
equipment (14,275 ) (14,706 ) (39,812 )
(28,614 ) Free Cash Flow $129,157 $135,279
$224,015 $250,758
Forward-looking pro forma effective tax rate
Forward-looking pro forma effective tax rate and forward-looking
pro forma net income (earnings) per share are calculated before the
effect of certain discrete tax items. Management believes certain
discrete tax items may not be reflective of income tax expense
incurred as a result of current period earnings. Therefore, in
order to permit consistent comparison between periods, the
effective tax rate and earnings per share before the effect of such
discrete tax items are important measures. In fiscal 2017,
management believes certain discrete tax items recognized on a
GAAP-basis have an effect on comparability between periods:
- The fiscal 2017 pro forma effective tax
rate excludes certain tax effects from share-based compensation as
a result of ASU 2016-09. The Company is unable to reasonably
estimate these amounts on a forward-looking basis due to the
dependency of this item on the underlying share price of the
Company. The fiscal 2017 pro forma effective tax rate excludes the
$7.3 million tax expense resulting from the expiration of
share-based awards as discussed in the pro forma effective tax rate
section above. The impact of this discrete tax item was $0.04 per
share for the first half of 2017.
- The fiscal 2017 pro forma effective tax
rate excludes the $168.8 million income tax benefit resulting from
the revaluation of certain Switzerland deferred tax assets as
discussed in the pro forma effective tax rate section above. The
impact of this discrete tax item was ($0.90) per share for the
first half of 2017.
While management expects the above to have a significant impact
on comparability, management is unable to determine whether or not
additional significant discrete tax items will be identified in the
second half of 2017.
Forward-looking pro forma earnings per share (EPS)
In addition to the discrete tax items discussed in the
forward-looking pro forma effective tax rate section above, our
2017 pro forma EPS excludes foreign currency exchange gains and
losses. The estimated impact of such foreign currency gains and
losses cannot be reasonably estimated on a forward-looking basis
due to the high variability and low visibility with respect to
non-operating foreign currency exchange gains and losses and the
related tax effects of such gains and losses. The impact of such
foreign currency gains and losses, net of tax effects, was $17.5
million, or $0.09 per share for the first half of 2017.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170802005378/en/
Garmin Ltd.Investor Relations
Contact:Teri Seck,
913-397-8200investor.relations@garmin.comorMedia Relations Contact:Ted Gartner,
913-397-8200media.relations@garmin.com
Garmin (NASDAQ:GRMN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Garmin (NASDAQ:GRMN)
Historical Stock Chart
From Apr 2023 to Apr 2024