Garmin Reports Solid First Quarter 2015 Margins and Operating Results

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — April 29, 2015 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the quarter ended March 28, 2015.

Highlights in the quarter include:

  • Total revenue of $585 million in the first quarter of 2015 with fitness, outdoor, aviation and marine delivering 63% of total revenue and collectively growing 9% over the year ago quarter
  • The relative strength of the US Dollar compared to other major currencies negatively impacted revenue by approximately $38 million, or 7%, in the first quarter of 2015
  • Gross margin improved from the prior year to 59% while operating margin remained strong at 19%
  • Pro forma EPS of $0.55 for first quarter 2015, consistent with the prior year
  • Launched vívofit™ 2, vívoactive™, and fēnix® 3, highlighting our continued commitment to a broad product portfolio in the rapidly growing wearables category
   
(in thousands, 13-Weeks Ended
except per share data) March 28,     March 29,     Yr over Yr
2015 2014 Change
Net sales $585,394 $583,221 0%
Auto 216,126 242,952 -11%
Fitness 130,994 100,288 31%
Outdoor 75,915 83,985 -10%
Aviation 98,062 95,994 2%
Marine 64,297 60,002 7%
 
Gross profit % 59% 57%
 
Operating profit % 19% 21%
 
GAAP diluted EPS $0.35 $0.61 -42%
Pro forma diluted EPS (1) $0.55 $0.55 0%
 
(1) See attached tables for reconciliation of non GAAP measures including pro forma
diluted EPS and free cash flow
 

1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article

Harris

Featured Video
Jobs
Product Manager for CHA Consulting, Inc. at Boston, Massachusetts
Software Developer for CHA Consulting, Inc. at Norwell, Massachusetts
Geospatial Analyst/Programmer for LANDIQ at Sacramento, California
Mid-Level Mechanical Engineer for Kiewit at lenexa, Kansas
BIM Manager for Eagle Point Software Corporation at Dubuque, Iowa
System Designer/Engineer for Bluewater at Southfield, Michigan
Upcoming Events
GEOINT 2018 Symposium at 333 S Franklin St Tampa FL - Apr 22 - 25, 2018
GITA Pacific Northwest Annual Conference at Mukilteo WA - Apr 23 - 24, 2018
FME World Tour 2018 at Frankfurt Germany - Apr 24, 2018
GENEQ
Canon: oce crystalPoint
Teledyne Optech
Teledyne:
GEOINT2018



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise