Garmin Reports First Quarter Revenue and Earnings Growth

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — May 3, 2017 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the first quarter ended April 1, 2017.

Highlights for the first quarter 2017 include:

  • Total revenue of $639 million, growing 2% over the prior year, with marine, outdoor, aviation and fitness collectively growing 12% over the prior year quarter and contributing 75% of total revenue
  • Gross margin improved to 58.3% compared to 54.5% in the prior year quarter
  • Operating margin improved to 18.2% compared to 16.6% in the prior year quarter
  • Operating income grew 12%
  • GAAP EPS was $1.26 and pro forma EPS(1) was $0.52
  • Began shipping the highly anticipated fēnix® 5 adventure watch series, with three watch designs appealing to a broader range of wrist sizes and style preferences
  • Launched the Forerunner 935 multisport watch, and introduced the vívosmart® 3 with all-day stress tracking
(in thousands,           13-Weeks Ended
except per share data) April 1,       March 26,       Yr over Yr
2017 2016 Change
Net sales $ 638,546 $ 624,040 2 %
Marine 104,445 82,880 26 %
Outdoor 115,875 96,827 20 %
Aviation 122,871 106,316 16 %
Fitness 137,831 142,418 -3 %
Auto 157,524 195,599 -19 %
 
Gross margin % 58.3 % 54.5 %
 
Operating income % 18.2 % 16.6 %
 
GAAP diluted EPS $ 1.26 $ 0.46 171 %

Pro forma diluted EPS (1)

$ 0.52 $ 0.49 7 %

(1)

   

See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS

 

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