Garmin reports second quarter revenue and earnings growth; raises guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — August 2, 2017 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the second quarter ended July 1, 2017.

Highlights for the second quarter 2017 include:

  • Total revenue of $817 million, growing 1% over the prior year, with outdoor, aviation, marine and fitness collectively growing 8% over the prior year quarter and contributing 74% of total revenue
  • Gross margin improved to 58.5% compared to 57.0% in the prior year quarter
  • Operating margin improved to 24.9% compared to 24.7% in the prior year quarter
  • Operating income was $203 million, growing 1% over the prior year quarter
  • GAAP EPS was $0.91 and pro forma EPS(1) was $0.88
  • Strong demand for the highly anticipated fēnix® 5 watch series led to significant growth in our outdoor segment
  • Launched the VIRB® 360, our first immersive 360-degree 5.7K/30 fps spherical camera
  • Our Connect IQ store has delivered 17 million downloads to our customers in the past year bringing the total number of downloads since inception to over 30 million
                         
(in thousands, 13-Weeks Ended 26-Weeks Ended
except per share data) July 1, June 25, Yr over Yr July 1, June 25, Yr over Yr
2017 2016 Change 2017 2016 Change
Net sales $816,885 $811,609 1 % $1,455,431 $1,435,648 1 %
Outdoor 194,776 133,096 46 % 310,652 229,923 35 %
Aviation 124,060 108,331 15 % 246,931 214,647 15 %
Marine 108,545 111,599 -3 % 212,990 194,479 10 %
Fitness 181,022 212,855 -15 % 318,852 355,273 -10 %
Auto 208,482 245,728 -15 % 366,006 441,326 -17 %
 
Gross margin % 58.5 % 57.0 % 58.4 % 55.9 %
 
Operating income % 24.9 % 24.7 % 22.0 % 21.2 %
 
GAAP diluted EPS $0.91 $0.85 7 % $2.17 $1.31 65 %
Pro forma diluted EPS (1) $0.88 $0.87 1 % $1.40 $1.36 3 %
(1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS
 

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