Key Takeaways Garmin's Q3 EPS of $1.99 beat estimates, while revenues rose 12% year over year to $1.77B.Fitness sales jumped 30%, with Aviation and Marine segments growing 18% and 20%, respectively.GRMN raised 2025 EPS guidance to $8.15, reflecting confidence in continued margin strength.Garmin Ltd. ((GRMN) reported third-quarter 2025 pro forma earnings of $1.99 per share, which beat the Zacks Consensus Estimate by 0.5%. However, the bottom line remained flat on a year-over-year basis.Net sales were $1.77 b ...

Key Points Garmin upped earnings guidance, but not enough for some investors. Sales jumped 12%, but that was lower than the 20% increase reported in Q2. Garmin stock had been up more than 20% year to date before today's drop. 10 stocks we like better than Garmin › Garmin (NYSE: GRMN) reported strong third-quarter earnings today. That might have investors wondering why the stock is crashing. The Global Positioning System (GPS) technology company said sales rose by double digits and raised its profi ...

Garmin (NYSE:GRMN) Q3 2025 Earnings Call October 29, 2025 10:30 AM ET Company ParticipantsTim Long - Managing DirectorIvan Feinseth - Chief Investment OfficerTeri Seck - Director of Investor RelationsErik Woodring - Managing DirectorDoug Boessen - CFO and TreasurerJordan Lyonnais - Equity Research AssociateCliff Pemble - President and CEOJoseph Cardoso - VP of Equity ResearchConference Call ParticipantsBen Bollin - AnalystJoe Nolan - Associate AnalystNoah Zatzkin - VP and Equity Research AnalystOperatorHell ...

Garmin (NYSE:GRMN) Q3 2025 Earnings Call October 29, 2025 10:30 AM ET Company ParticipantsTim Long - Managing DirectorIvan Feinseth - Chief Investment OfficerTeri Seck - Director of Investor RelationsErik Woodring - Managing DirectorDoug Boessen - CFO and TreasurerJordan Lyonnais - Equity Research AssociateCliff Pemble - President and CEOJoseph Cardoso - VP of Equity ResearchConference Call ParticipantsBen Bollin - AnalystJoe Nolan - Associate AnalystNoah Zatzkin - VP and Equity Research AnalystOperatorHell ...

财务数据和关键指标变化 - 第三季度综合收入增长12%至近18亿美元，创下第三季度新纪录 [4] - 第三季度毛利润率为59.1%，营业利润率为25.8% [4] - 第三季度营业利润为4.57亿美元，同比增长4% [4] - 第三季度GAAP每股收益为2.08美元，备考每股收益为1.99美元 [4] - 应收账款同比增长至约9.56亿美元，库存同比增长至约19亿美元 [15] - 第三季度产生自由现金流4.25亿美元，资本支出为6000万美元 [16] - 公司提高全年每股收益指引，现预计备考每股收益为8.15美元，较先前指引提高0.15美元 [4][17] - 全年收入指引维持在约71亿美元，毛利率指引约为58.5% [17] - 营业利润率指引提高至约25.2%，备考有效税率预计约为17.5% [17] 各条业务线数据和关键指标变化 - 健身业务收入增长30%至6.01亿美元，毛利率和营业利润率分别为60%和32%，营业利润为1.94亿美元 [5][6] - 户外业务收入下降5%至4.98亿美元，毛利率和营业利润率分别为66%和34%，营业利润为1.7亿美元 [8] - 航空业务收入增长18%至2.4亿美元，毛利率和营业利润率分别为75%和25%，营业利润为6100万美元 [11] - 海洋业务收入增长20%至2.67亿美元，毛利率和营业利润率分别扩大至56%和19%，营业利润为4900万美元 [12] - 汽车原始设备制造商业务收入下降2%至1.65亿美元，毛利率为15%，营业亏损为1700万美元 [13] 各个市场数据和关键指标变化 - 按地域划分，所有三个区域均实现两位数增长：亚太地区增长14%，欧洲、中东和非洲地区增长13%，美洲地区增长10% [15] 公司战略和发展方向和行业竞争 - 业务模式独特且高度多元化，推动了出色的财务业绩 [4] - 健身业务增长得益于先进可穿戴设备的强劲需求以及广泛且差异化的产品线 [5][6] - 户外业务面临产品发布周期带来的短期波动，但长期增长记录显著 [10] - 航空业务在原始设备制造商和售后市场类别均实现增长，并获得了新的认证 [11] - 海洋业务在多个类别实现增长，并连续第11年被评为年度最佳制造商 [12] - 汽车原始设备制造商业务在部分旧项目接近生命周期尾声的同时，新的宝马域控制器项目带来增长 [13] - 新推出的Blaze马匹健康系统进入新市场 [9] - 与伦敦国王学院合作研究女性孕期健康，将可穿戴设备纳入研究方案 [6][7] 管理层对经营环境和未来前景的评论 - 考虑到年初至今的强劲表现和年底势头，预计将实现又一个收入、营业利润和每股收益两位数增长的创纪录年份 [4] - 户外业务在连续实现两位数收入增长方面面临挑战，但长期前景依然看好 [10] - 航空和海洋业务第三季度表现强劲，趋势积极，因此提高了全年收入增长预期 [11][12][13] - 汽车原始设备制造商业务预计新的大型项目将在2026年下半年上线，届时将增加产量并扩大业务规模 [13][38] - 毛利率受到产品成本上升、关税、台币走强以及保修费用增加的影响，但部分被美元疲软带来的有利外汇因素所抵消 [23] - 第四季度通常是促销期，促销环境与往年相当 [24][43] - 半导体市场受到人工智能和数据中心等新举措的影响，但从长远看，高性能处理器和存储配置将有利于产品发展 [54] - 关税情况基本稳定，公司已进行短期业务模式调整，并专注于长期供应链优化 [58] 其他重要信息 - 期末现金和有价证券约为39亿美元 [15] - 第三季度支付股息1.73亿美元，并回购3600万美元公司股票 [16] - 有效税率从17.9%上升至21.2%，主要由于美国新税收立法改变了某些研发成本的资本化要求 [16][17] - 资本支出预计全年约为2.75亿美元，自由现金流预计约为13亿美元 [16][17] 问答环节所有的提问和回答 问题: 户外业务指引下调的原因 - 主要由于Phoenix 8 Pro在第三季度末发布，影响时间有限，而去年Phoenix 8发布成果异常强劲，导致预期过高 [19][21] - 长期来看，手表类别和户外业务增长强劲且超越市场 [21] 问题: 第四季度毛利率指引及外汇和关税假设 - 第三季度毛利率同比下降主要由于产品成本上升、关税、台币走强以及保修费用增加 [23] - 第四季度考虑了更高的产品成本、促销因素以及当前关税率和外汇趋势 [23][24] - 通过增加库存等措施缓解潜在关税增加的影响 [24] 问题: 健身和户外业务处于周期哪个阶段 - 视为持续增长机会，公司是可穿戴设备市场中份额较小但不断增长的参与者，通过产品创新和份额增长继续扩张 [27][28] 问题: 资本支出持续低于指引的原因 - 并非资金不足，而是年度初制定计划后，部分项目在执行过程中被推迟，但基础设施投资对于未来增长仍属必要 [29][31] 问题: 渠道库存健康状况及美洲业务环比下滑原因 - 渠道库存健康且精简，产品注册和售罄率强劲，为第四季度备货做好准备 [34][35] - 美洲业务环比变化与产品周期和汇率变动有关，总体对各区域表现满意 [34][36] 问题: 汽车业务明年增长前景及航空业务增长驱动因素 - 2026年可能因旧项目结束而面临收入压力，新项目预计2026年下半年上线 [37][38] - 航空业务原始设备制造商和售后市场均表现强劲，原始设备制造商受益于积压订单，售后市场受益于有韧性的消费者行为 [39] 问题: 健身业务增长驱动因素及新用户增长 - 增长来自跑步产品和高级健康产品等各类可穿戴设备，产品注册显示新用户增长强劲，大部分平台用户为新用户 [41][42] 问题: Blaze马匹健康系统的初期表现和营销策略 - 早期获得大量关注，但传统市场需要时间建立渠道和势头，计划增强产品路线图 [45] - 营销策略针对马主和护理者对马匹健康管理的需求，提供评估和性能提升工具 [47] 问题: Phoenix 8 Pro和Bounce 2连接服务注册率及inReach生态系统愿景 - 购买这些具连接功能产品的用户很可能会注册相关服务 [48] - inReach和Messenger等连接产品是提供离网通信和救援服务战略的一部分，将继续扩展产品线 [49] 问题: 汽车业务保修成本增加及长期利润率结构，以及组件供应环境 - 保修费用增加是孤立事件，已解决，长期目标毛利率为中高 teens，营业利润率为中个位数 [51][52] - 半导体市场受人工智能等需求影响，但长远看高性能组件将有利于产品功能提升 [53] 问题: 海洋业务指引上调原因及关税看法更新 - 终端市场稳定甚至好转，消费者有韧性，公司在海图仪、拖钓马达等领域获得份额 [56] - 关税情况基本稳定，已进行短期调整，并专注于长期供应链优化 [58]

Consolidated Q3 2025 Revenue Operating income Operating margin $1.77B 25.8% 12% y/y growth $457M 4% y/y growth Q3 2025 Earnings October 29, 2025 Safe Harbor Statement These materials include projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fi ...

公司业绩展望 - 公司上调全年调整后利润预期 [1] 公司财务表现 - 公司运营费用出现增长 [1] - 户外和汽车部门季度收入出现下降 [1]

Garmin (GRMN) came out with quarterly earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.98 per share. This compares to earnings of $1.99 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +0.51%. A quarter ago, it was expected that this maker of personal navigation devices would post earnings of $1.96 per share when it actually produced earnings of $2.17, delivering a surprise of +10.71%.Over the last four q ...

BREAKING: Futures Rise On Trump Comments, Earnings The Olathe, Kan.-based company earned an adjusted $1.99 a share on sales of $1.77 billion in September quarter. Analysts polled by FactSet had expected earnings of $1.99 a share on sales of $1.78 billion. In the year- earlier period, Garmin earned $1.99 a share on sales of $1.59 billion. Earnings report details to follow. Garmin makes devices for golfers, boaters, hikers, runners and other outdoor enthusiasts. In premarket trades on the stock market today, ...

EXHIBIT 99.1 Garmin announces third quarter 2025 results Company reports record third quarter revenue and operating income, and raises full year EPS guidance Schaffhausen, Switzerland / October 29, 2025 / PR Newswire – Garmin ® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 27, 2025. Highlights for third quarter 2025 include: | information) | | 13-Weeks Ended | | | 39-Weeks Ended | | | --- | --- | --- | --- | --- | --- | --- | | | September 27, | September 28, | YoY | Septe ...