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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