Garmin Reports Third Quarter Revenue and EPS Growth; Raises Guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — October 26, 2016 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the third quarter ended September 24, 2016.

Highlights for the third quarter 2016 include:

  • Total revenue of $722 million, growing 6% over the prior year, with fitness, outdoor, marine and aviation collectively growing 24% over the prior year quarter and contributing 70% of total revenue
  • Gross margin expanded to 56.2% compared to 53.3% in the prior year quarter, and operating margin expanded to 22.1% compared to 18.5% in the prior year quarter
  • GAAP EPS was $0.66, a 5% improvement over the prior year quarter, and pro forma EPS(1) was $0.75, a 47% improvement over the prior year quarter
  • Launched new product categories with the vívofit® jr., our first wearable and companion mobile application designed for kids, and the fēnix® Chronos, a luxury activity watch crafted with premium materials
         
(in thousands, 13-Weeks Ended 39-Weeks Ended
except per share data) Sept 24,   Sept 26, Yr over Yr Sept 24,   Sept 26, Yr over Yr
  2016    

2015 (2)

 

  Change   2016    

2015 (2)

 

  Change
Net sales $ 722,250 $ 679,690 6 % $ 2,157,898 $ 2,038,913 6 %
Fitness 189,161 143,216 32 % 544,434 432,859 26 %
Outdoor 141,006 109,863 28 % 370,929 291,299 27 %
Marine 70,010 62,315 12 % 264,489 230,325 15 %
Aviation 107,436 94,232 14 % 322,083 294,560 9 %
Auto 214,637 270,064 -21 % 655,963 789,870 -17 %
 
Gross profit % 56.2 % 53.3 % 56.0 % 55.2 %
 
Operating profit % 22.1 % 18.5 % 21.5 % 19.8 %
 
GAAP diluted EPS $ 0.66 $ 0.63 5 % $ 1.98 $ 1.69 17 %
Pro forma diluted EPS (1) $ 0.75 $ 0.51 47 % $ 2.10 $ 1.75 20 %
(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 39-weeks ended Sept 26, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation.
 

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