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.
 

1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article

Photosat

Featured Video
Jobs
GIS Software Developer for UDC at Englewood, CO
GIS Analyst for G2 Partners LLC at San Ramon, CA
Mechanical Engineer for The Planate Management Group LLC at Perry Point, MD
Structural Engineer for Albert Kahn and Associates at Detroit, MI
Structural Engineer for The Planate Management Group LLC at Perry Point, MD
Senior Mechanical Engineer for Albert Kahn and Associates at Detroit, MI
Upcoming Events
GIS-PRO 2017 at Jacksonville FL - Oct 23 - 26, 2017
GEO WEEK 2017 at Washington DC - Oct 23 - 27, 2017
Commercial UAV EXPO Americas at The Westgate Resort Las Vegas NV - Oct 24 - 26, 2017
6th International Colloquium on Scientific and Fundamental Aspects of GNSS / Galileo at Technical University of Valencia Valencia Spain - Oct 25 - 27, 2017
Teledyne Optech
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2017 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