Garmin Reports Strong Revenue & Pro Forma EPS Growth in Second Quarter 2014

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 30, 2014 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the quarter ended June 28, 2014.

Highlights in the quarter include:

  • Total revenue of $778 million in second quarter 2014 with fitness and aviation delivering significant growth of 79% and 11%, respectively
  • Gross and operating profit margins improved from the prior year quarter to 57% and 28%, respectively
  • Pro forma EPS growth of 34%; $1.02 for second quarter 2014 compared to $0.76 in the prior year
  • Announced the acquisition of Fusion® Electronics, a leading supplier of integrated marine audio equipment, which was completed in third quarter 2014
  • Generated $143 million of free cash flow in second quarter 2014
 
(in thousands,         13-Weeks Ended         26-Weeks Ended
except per share data) Jun 28,       Jun 29,       Yr over Yr Jun 28,       Jun 29,       Yr over Yr
2014 2013 Change 2014 2013 Change
Net sales $ 777,848 $ 696,563 12 % $ 1,361,069 $ 1,228,520 11 %
Automotive/Mobile 350,036 344,701 2 % 592,988 597,290 -1 %
Fitness 150,678 84,216 79 % 250,965 156,653 60 %
Outdoor 106,059 106,856 -1 % 190,044 183,022 4 %
Aviation 97,295 88,042 11 % 193,289 168,511 15 %
Marine 73,780 72,748 1 % 133,783 123,044 9 %
 
Gross profit % 57 % 55 % 57 % 54 %
 
Operating profit % 28 % 24 % 25 % 20 %
 
Pro forma diluted EPS (1) $ 1.02 $ 0.76 34 % $ 1.57 $ 1.16 35 %
 
(1) See attached table for reconciliation of GAAP EPS to pro forma diluted EPS
 

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