Garmin Reports Second Quarter Revenue and EPS Growth; Raises Guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 27, 2016 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the second quarter ended June 25, 2016.

Highlights for the second quarter 2016 include:

  • Total revenue of $812 million, growing 5% over the prior year, with fitness, outdoor, marine and aviation collectively growing 20% over the year ago quarter and contributing 70% of total revenue
  • Gross margin expanded to 57.0% compared to 54.2% in the prior year quarter, and operating margin expanded to 24.7% compared to 21.5% in the prior year quarter
  • GAAP EPS was $0.85, a 18% improvement over the prior year, and pro forma EPS(1) was $0.87, a 21% improvement over the prior year
  • Our wearable offerings continued to expand in the quarter as we introduced and shipped the Forerunner® 735XT, vivosmart® HR+, and vivomoveTM
  • Our Connect IQTM store offers over 2,000 apps, watch faces, and widgets for select Garmin wearables and has delivered over 13 million downloads to customers since its inception in early 2015
         
(in thousands, 13-Weeks Ended 26-Weeks Ended
except per share data) June 25,   June 27, Yr over Yr June 25, June 27, Yr over Yr
  2016    

2015 (2)

 

  Change   2016    

2015 (2)

 

  Change
Net sales $ 811,609 $ 773,830 5 % $ 1,435,648 $ 1,359,224 6 %
Fitness 212,855 158,649 34 % 355,273 289,644 23 %
Outdoor 133,096 108,621 23 % 229,923 181,436 27 %
Marine 111,599 103,713 8 % 194,479 168,010 16 %
Aviation 108,331 102,266 6 % 214,647 200,327 7 %
Auto 245,728 300,581 -18 % 441,326 519,807 -15 %
 
Gross profit % 57.0 % 54.2 % 55.9 % 56.2 %
 
Operating profit % 24.7 % 21.5 % 21.2 % 20.5 %
 
GAAP diluted EPS $ 0.85 $ 0.72 18 % $ 1.31 $ 1.07 22 %
Pro forma diluted EPS (1) $ 0.87 $ 0.72 21 % $ 1.36 $ 1.26 8 %

(1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS.

(2) Action camera related net sales for the 13-weeks and 26-weeks ended June 27, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation.

 


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