Garmin Ltd. (Nasdaq: GRMN – News) today announced results for
the third quarter ended September 29, 2018.
Highlights for the third quarter 2018 include:
- Total revenue of $810 million, growing
8% over the prior year, with marine, aviation, fitness and outdoor
collectively growing 16% over the prior year quarter and
contributing 80% of total revenue
- Gross margin of 59.4% compared to 58.2%
in the prior year quarter
- Operating margin of 24.2% compared to
23.1% in the prior year quarter
- Operating income was $196 million,
growing 13% over the prior year quarter
- GAAP EPS was $0.97 and pro forma EPS(1)
was $1.00
- Shipped the 200 millionth product
within the quarter, a testament to our ability to design,
manufacture, and sell unique applications of technology for active
lifestyles
- Opened the first phase of our Olathe
campus expansion more than doubling our aviation product
manufacturing capacity
- Announced the acquisition of
FltPlan.com, a leading electronic flight planning and services
provider, expanding our ability to offer premium flight services to
our customers
(in thousands,
13-Weeks Ended
39-Weeks Ended except per share data)
September 29,
September 30, Yr over Yr
September 29, September 30,
Yr over Yr 2018 2017 Change
2018 2017 Change Net sales $ 810,011 $ 751,244
8 % $ 2,415,336 $ 2,224,241 9 % Marine 98,770 77,312 28 % 346,908
290,302 19 % Aviation 146,427 124,628 17 % 445,146 371,559 20 %
Fitness 190,185 167,147 14 % 581,315 485,999 20 % Outdoor 209,415
184,937 13 % 555,314 495,589 12 % Auto 165,214 197,220 -16 %
486,653 580,792 -16 % Gross margin % 59.4 % 58.2 % 59.2 %
58.2 % Operating income % 24.2 % 23.1 % 23.0 % 22.5 %
GAAP diluted EPS $ 0.97 $ 0.80 21 % $ 2.66 $ 3.00 -11 % Pro forma
diluted EPS (1) $ 1.00 $ 0.77 30 % $ 2.67 $ 2.20 21 % (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:
“During the third quarter, we continued our strong performance
achieving double-digit revenue growth in four of our five segments
and double-digit growth of consolidated operating income,” said
Cliff Pemble, president and chief executive officer of Garmin Ltd.
“We are well positioned for the remainder of 2018 with a solid
lineup of products and are raising our EPS guidance to reflect our
strong performance.”
Marine:
The marine segment posted robust revenue growth of 28% driven by
organic growth across multiple product categories and our recent
acquisitions. Gross and operating margins were 59% and 14%,
respectively. For the fourth consecutive year Garmin was recognized
as the Manufacturer of the Year by the National Marine Electronics
Association (NMEA), winning a total of six awards including the
prestigious NMEA Technology Award. We recently announced the 2019
line up of marine electronics including the GPSMAP® 8600 series,
the first product line compatible with the combined Garmin and
Navionics chart content. We remain focused on innovations and
achieving market share gains within the inland fishing
category.
Aviation:
The aviation segment posted strong revenue growth of 17%. Gross
and operating margins increased to 76% and 35%, respectively,
resulting in operating income growth of 49%. Growth in the quarter
was broad based across multiple product categories. Gulfstream
recently selected our ADS-B In solution for their new production
and aftermarket G280 business jets. During the quarter, we
announced the acquisition of FltPlan.com, a leading electronics
flight planning and service provider, and have begun integration
into Garmin Connected Aviation Services such as Garmin PilotTM. We
recently announced the G1000 NXi upgrade for the Piper M500,
expanding the addressable market for NXi retrofits. We continue to
invest in upcoming certifications with our OEM partners and ongoing
aftermarket opportunities.
Fitness:
The fitness segment posted strong revenue growth of 14%
primarily driven by strength in wearables. Gross and operating
margins were 54% and 20%, respectively, resulting in operating
income growth of 12%. During the third quarter, we launched the
vívosmart® 4, a smart activity tracker that introduces a
wrist-based pulse ox sensor in a slim design, new advanced sleep
monitoring and the innovative Body Battery, which monitors
individual energy levels. We also announced new vívofit® jr. 2
interactive adventures and bands featuring Disney Princess and
Marvel’s Spider-Man. We continue to pursue opportunities for
wearables and cycling within the fitness segment.
Outdoor:
During the third quarter of 2018, the outdoor segment grew 13%
driven primarily by wearable devices. Gross margin improved
year-over-year to 65%, while operating margin improved to 38%
resulting in a 16% increase in operating income. We recently
announced the integration of Spotify on the fēnix® 5 Plus series,
giving customers the ability to listen to offline music playlists
from their wrist. We also recently introduced Instinct®, a GPS
smartwatch that is rugged and reliable. Looking forward, we remain
focused on opportunities in wearables and other product categories
within the outdoor segment.
Auto:
Revenue from the auto segment declined 16% in the third quarter
of 2018, primarily due to the ongoing PND market contraction. Gross
and operating margins were 43% and 9%, respectively. We recently
announced the selection of our integrated camera solution by the
Chinese auto company, Geely Auto Group. Looking forward, we are
focused on disciplined execution to bring desired innovation to the
market while managing profitability within the segment.
Additional Financial
Information:
Total operating expenses in the quarter were $285 million, an 8%
increase from the prior year. Research and development increased 7%
driven by the incremental costs associated with acquisitions,
investments in the outdoor and fitness segments for the development
of advanced wearable products and continued innovation in the
aviation segment. Selling, general and administrative expenses
increased 13% driven primarily by personnel related expenses and
incremental costs associated with acquisitions. Advertising
expenses decreased 4% year-over-year.
The effective tax rate in the third quarter of 2018 was 8.5%
compared to the effective tax rate of 20.5% in the prior year
quarter. The decrease in the current quarter effective tax rate is
primarily due to the benefits from U.S. tax reform and increased
benefit from U.S. research and development tax credits.
In the third quarter of 2018, we generated $264 million of net
cash provided by operating activities and $234 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 $100 million. We ended the
quarter with cash and marketable securities of approximately $2.5
billion.
2018 Guidance:
We have increased our 2018 guidance to reflect the strong third
quarter performance. We anticipate our fourth quarter revenue to be
relatively flat year-over-year with total full year revenue of
approximately $3.3 billion and a gross margin of 58.5%. We are
raising our full year operating margin to approximately 22.0% and
lowering our full year pro forma effective tax rate to about 16.0%
resulting in a pro forma EPS of approximately $3.45.
2018 Guidance(1) Updated
Prior Revenue ~$3.3 B ~$3.3 B Gross Margin ~58.5%
~58.5% Operating Margin ~22.0% ~21.5% Tax Rate (Pro Forma)(1)
~16.0% ~17.5% EPS (Pro Forma)(1) ~$3.45 ~$3.30 (1) See attached
table for reconciliation of non-GAAP measures including
forward-looking pro forma tax rate and EPS
Revenue Standard
Adoption
We adopted the new revenue standard in the first quarter of
2018. The prior periods presented have been restated to reflect
adoption of this new standard.
Webcast Information/Forward-Looking
Statements:
The information for Garmin Ltd.’s earnings call is as
follows:
When: Wednesday, October 31, 2018 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 October
30, 2019 on the Garmin website at www.garmin.com. To access the
replay, click on the Investor Relations link and click over to the
Events Calendar 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 2018,
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 30,
2017 filed by Garmin with the Securities and Exchange Commission
(Commission file number 0-31983). A copy of Garmin’s 2017 Form 10-K
can be downloaded from
https://www.garmin.com/en-US/company/investors/sec/form-10-K/.
Non-GAAP Financial
Measures
This release and the attachments contain non-GAAP financial
measures. A reconciliation to the nearest GAAP measure and a
discussion of the Company's use of these measures are included in
the attachments.
Garmin, the Garmin logo, the Garmin delta, Navionics, GPSMAP,
G1000, vívofit, vívosmart, fēnix, and Instinct are
trademarks of Garmin Ltd. or its subsidiaries and are registered in
one or more countries, including the U.S.; Garmin Pilot is a
trademark 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
39-Weeks Ended
September 29, September 30, September 29,
September 30, 2018 2017 2018
2017 Net sales $ 810,011 $ 751,244 $ 2,415,336 $ 2,224,241
Cost of goods sold 329,264 313,721
984,783 929,782 Gross
profit 480,747 437,523 1,430,553 1,294,459 Advertising
expense 31,140 32,449 100,000 105,983 Selling, general and
administrative expense 114,669 101,794 352,234 309,095 Research and
development expense 138,979 129,632
422,649 379,083 Total operating expense
284,788 263,875 874,883
794,161 Operating income 195,959 173,648
555,670 500,298 Other income (expense): Interest income
11,089 9,207 32,310 26,931 Foreign currency (losses) gains (6,868 )
8,579 (3,405 ) (13,808 ) Other income (expense) 1,147
(1,520 ) 6,800 (805 ) Total other
income (expense) 5,368 16,266
35,705 12,318 Income before income
taxes 201,327 189,914 591,375 512,616 Income tax provision
(benefit) 17,113 38,840 87,445
(53,840 ) Net income $ 184,214 $
151,074 $ 503,930 $ 566,456 Net income
per share: Basic $ 0.98 $ 0.81 $ 2.67 $ 3.01 Diluted $ 0.97 $ 0.80
$ 2.66 $ 3.00 Weighted average common shares outstanding:
Basic 188,799 187,616 188,554 187,902 Diluted 190,005 188,490
189,586 188,671
Garmin Ltd.
And Subsidiaries Condensed Consolidated Balance Sheets
(Unaudited) (In thousands, except per share information)
September 29, December
30, 2018 2017 Assets Current assets: Cash
and cash equivalents $ 1,056,397 $ 891,488 Marketable securities
173,697 161,687 Accounts receivable, net 467,784 590,882
Inventories 556,640 517,644 Deferred costs 28,235 30,525 Prepaid
expenses and other current assets 117,866
153,912 Total current assets 2,400,619 2,346,138
Property and equipment, net 650,805 595,684 Restricted cash
145 271 Marketable securities 1,301,111 1,260,033 Deferred income
taxes 186,445 195,981 Noncurrent deferred costs 29,732 33,029
Intangible assets, net 424,776 409,801 Other assets 102,334
107,352 Total assets $ 5,095,967 $
4,948,289
Liabilities and Stockholders' Equity
Current liabilities: Accounts payable $ 197,069 $ 169,640 Salaries
and benefits payable 101,190 102,802 Accrued warranty costs 35,960
36,827 Accrued sales program costs 59,708 93,250 Deferred revenue
97,604 103,140 Accrued royalty costs 27,213 32,204 Accrued
advertising expense 24,213 30,987 Other accrued expenses 67,426
93,652 Income taxes payable 43,519 33,638 Dividend payable
200,124 95,975 Total current liabilities
854,026 792,115 Deferred income taxes 82,846 76,612
Noncurrent income taxes 126,893 138,295 Noncurrent deferred revenue
77,634 87,060 Other liabilities 1,860 1,788 Stockholders'
equity: Shares, CHF 0.10 par value, 198,077 shares authorized and
issued; 188,809 shares outstanding at September 29, 2018 and
188,189 shares outstanding at December 30, 2017 17,979 17,979
Additional paid-in capital 1,842,551 1,828,386 Treasury stock
(433,274 ) (468,818 ) Retained earnings 2,520,828 2,418,444
Accumulated other comprehensive income 4,624
56,428 Total stockholders' equity 3,952,708
3,852,419 Total liabilities and stockholders' equity
$ 5,095,967 $ 4,948,289
Garmin Ltd. And Subsidiaries Condensed
Consolidated Statements of Cash Flows (Unaudited) (In
thousands) 39-Weeks Ended September
29, September 30, 2018 2017 Operating
activities: Net income $ 503,930 $ 566,456 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation 47,902 44,011 Amortization 23,574 19,688 Gain on sale
or disposal of property and equipment (491 ) (184 ) Provision for
doubtful accounts 1,265 551 Provision for obsolete and slow moving
inventories 17,719 16,504 Unrealized foreign currency loss 4,158
17,786 Deferred income taxes 20,177 (143,314 ) Stock compensation
expense 42,094 32,441 Realized losses on marketable securities 481
594 Changes in operating assets and liabilities, net of
acquisitions: Accounts receivable 111,955 84,982 Inventories
(69,139 ) (86,631 ) Other current and non-current assets 5,102
(9,635 ) Accounts payable 32,601 (24,526 ) Other current and
non-current liabilities (57,245 ) (37,403 ) Deferred revenue
(14,923 ) (21,478 ) Deferred costs 5,581 3,459 Income taxes payable
27,041 (724 ) Net cash provided by operating
activities 701,782 462,577
Investing activities:
Purchases of property and equipment (122,846 ) (85,211 ) Proceeds
from sale of property and equipment 1,296 264 Purchase of
intangible assets (2,982 ) (9,069 ) Purchase of marketable
securities (314,179 ) (438,046 ) Redemption of marketable
securities 229,066 455,376 Acquisitions, net of cash acquired
(29,170 ) (12,400 ) Net cash used in investing
activities (238,815 ) (89,086 )
Financing activities:
Dividends (296,149 ) (287,318 ) Proceeds from issuance of treasury
stock related to equity awards 14,524 10,316 Purchase of treasury
stock related to equity awards (6,909 ) (3,587 ) Purchase of
treasury stock under share repurchase plan -
(74,523 ) Net cash used in financing activities (288,534 ) (355,112
) Effect of exchange rate changes on cash, cash equivalents,
and restricted cash (9,650 ) 26,021 Net increase in
cash, cash equivalents, and restricted cash 164,783 44,400 Cash,
cash equivalents, and restricted cash at beginning of period
891,759 846,996 Cash, cash equivalents, and
restricted cash at end of period $ 1,056,542 $ 891,396
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 September 29,
2018 Net sales $ 209,415 $ 190,185 $ 98,770 $ 165,214 $
146,427 $ 810,011 Gross profit 136,671 103,441 58,508 70,925
111,202 480,747 Operating income 78,972 37,378 13,908 15,032 50,669
195,959
13-Weeks Ended September 30, 2017 Net
sales $ 184,937 $ 167,147 $ 77,312 $ 197,220 $ 124,628 $ 751,244
Gross profit 118,175 96,135 44,574 87,819 90,820 437,523 Operating
income 67,810 33,492 18,420 19,829 34,097 173,648
39-Weeks Ended September 29, 2018 Net sales $ 555,314
$ 581,315 $ 346,908 $ 486,653 $ 445,146 $ 2,415,336 Gross profit
358,829 326,473 203,976 207,389 333,886 1,430,553 Operating income
194,711 123,299 54,806 31,113 151,741 555,670
39-Weeks
Ended September 30, 2017 Net sales $ 495,589 $ 485,999 $
290,302 $ 580,792 $ 371,559 $ 2,224,241 Gross profit 319,457
276,014 166,690 257,744 274,554 1,294,459 Operating income 176,544
89,452 60,860 61,379 112,063 500,298
Garmin Ltd. And Subsidiaries Net Sales by Geography
(Unaudited) (In thousands) 13-Weeks Ended
39-Weeks Ended September 29, September 30,
Yr over Yr September 29, September 30, Yr
over Yr 2018 2017 Change 2018
2017 Change Net sales $ 810,011 $ 751,244 8% $
2,415,336 $ 2,224,241 9% Americas 370,239 346,208 7% 1,153,330
1,072,247 8% EMEA 307,087 291,703 5% 862,116 831,687 4% APAC
132,685 113,333 17% 399,890 320,307 25%
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, limiting the usefulness of the measures
for comparison with 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, as described in more detail by category below.
The tables below provide reconciliations between the GAAP and
non-GAAP measures.
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,
management believes disclosure of the effective tax rate and income
tax provision before the effect of certain discrete tax items are
important measures to permit investors' consistent comparison
between periods. In the first three quarters of 2018, 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 39-Weeks Ended September
30, September 30, 2017 2017
$ ETR(1) $ ETR(1)
U.S. GAAP income tax provision (benefit) $ 38,840 20.5 % $ (53,840
) (10.5 %) Pro forma discrete tax items: Switzerland corporate tax
election(2) - 168,755 Tax expense from share-based award
expirations(3) - (7,275 ) Total pro forma discrete
tax items - 161,480 Income tax
provision (Pro Forma) $ 38,840 20.5 % $ 107,640 21.0 % (1)
Effective tax rate is calculated by taking the income tax provision
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
primarily from the revaluation of certain Switzerland deferred tax
assets. The revaluation is due to the Company's election in the
first quarter of 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, it has been identified as a pro forma
discrete tax item. (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, it has been identified as a pro forma
adjustment.
The net release of uncertain tax position reserves, amounting to
approximately $27.7 million and $17.2 million in the 39-weeks ended
September 29, 2018 and September 30, 2017, respectively, have not
been included as pro forma adjustments in the above presentation of
pro forma income tax provision as related items tend to be more
recurring in nature or such amounts are individually not
significant.
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 39-Weeks Ended September
29, September 30, September 29, September
30, 2018 2017 2018 2017 Net
income (GAAP) $ 184,214 $ 151,074 $ 503,930 $ 566,456 Foreign
currency gains / losses(1) 6,868 (8,579 ) 3,405 13,808 Tax effect
of foreign currency gains / losses(2) (584 ) 1,755 (503 ) (2,899 )
Pro forma discrete tax items(3) - -
- (161,480 ) Net income (Pro Forma) $ 190,498
$ 144,250 $ 506,832 $ 415,885
Net income per share (GAAP): Basic $ 0.98 $ 0.81 $ 2.67 $ 3.01
Diluted $ 0.97 $ 0.80 $ 2.66 $ 3.00 Net income per share
(Pro Forma): Basic $ 1.01 $ 0.77 $ 2.69 $ 2.21 Diluted $ 1.00 $
0.77 $ 2.67 $ 2.20 Weighted average common shares
outstanding: Basic 188,799 187,616 188,554 187,902 Diluted 190,005
188,490 189,586 188,671 (1) The majority of the Company’s
consolidated foreign currency gains and losses are 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 losses. (2) The tax effect of foreign
currency gains and losses was calculated using the effective tax
rate of 8.5% and 14.8% for the quarter and year-to-date ended
September 29, 2018, respectively, and a pro forma effective tax
rate of 20.5% and 21.0% for the quarter and year-to-date ended
September 30, 2017, respectively. (3) The discrete tax items
are discussed in the pro forma effective tax rate section above.
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 less capital expenditures for property and
equipment. Management believes that excluding purchases of property
and equipment provides a better understanding of the underlying
trends in the Company’s operating performance and allows more
accurate comparisons of the Company’s operating results to
historical performance. This metric may also be useful to
investors, but should not be considered in isolation as it is not a
measure of cash flow available for discretionary expenditures. The
most comparable GAAP measure is cash provided by operating
activities.
Garmin
Ltd. And Subsidiaries Free Cash Flow (in
thousands) 13-Weeks Ended 39-Weeks Ended
September 29, September 30, September 29,
September 30, 2018 2017 2018
2017 Net cash provided by operating activities $
263,719 $ 198,750 $ 701,782 $ 462,577 Less: purchases of property
and equipment (29,773 ) (45,399 ) (122,846 )
(85,211 ) Free Cash Flow $ 233,946 $ 153,351 $
578,936 $ 377,366
Forward-looking pro forma tax rate
Forward-looking pro forma tax rate and pro forma 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 tax rate and earnings per share
before the effect of such discrete tax items are important
measures. At this time management is unable to determine whether or
not significant discrete tax items will be identified in fiscal
2018.
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
forward looking 2018 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 $0.01 for the 39-weeks ended September 29,
2018.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181031005145/en/
Garmin Ltd.Investor Relations
Contact:Teri Seck,
913-397-8200investor.relations@garmin.comorMedia Relations Contact:Carly Hysell,
913-397-8200media.relations@garmin.com
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