Garmin Reports Solid Third Quarter 2013 Results and Raises Full Year Outlook

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — October 30, 2013 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal quarter ended September 28, 2013. Highlights in the quarter include:

  • Total revenue of $644 million in third quarter 2013 with non-automotive/mobile segments of outdoor, fitness, aviation and marine delivering 50% of total revenues and growing 12% over the year ago quarter
  • Operating margin of 24% with 65% of operating profit from non-automotive/mobile segments
  • Introduced the VIRB™ and VIRB Elite action cameras, offering unique features available only through the integration with Garmin products and sensors
  • Announced the Edge® Touring cycling computer and updates to our popular Forerunner® GPS running watches
  • Generated $205 million of free cash flow in third quarter 2013
   
(in thousands, 13-Weeks Ended 39-Weeks Ended
except per share data) Sept 28,   Sept 29,   Yr over Yr Sept 28,   Sept 29,   Yr over Yr
2013 2012 Change 2013 2012 Change
Net sales $643,637 $672,376 -4% $1,872,156 $1,947,127 -4%
Automotive/Mobile 322,520 384,393 -16% 919,810 1,055,786 -13%
Outdoor 101,350 105,572 -4% 284,372 283,230 0%
Aviation 83,459 72,857 15% 251,970 221,676 14%
Fitness 81,007 64,788 25% 237,660 217,815 9%
Marine 55,301 44,766 24% 178,344 168,620 6%
 
Gross profit % 55% 53% 54% 55%
 
Operating profit % 24% 24% 21% 23%
 

Pro forma diluted EPS (1)

$0.69 $0.74 -7% $1.86 $2.18 -15%
 
Note: YTD 2012 results include one-time royalty fee benefit of $21 million recorded in second quarter 2012 impacting gross margin.
(1) See table on final page for reconciliation of GAAP EPS to pro forma diluted EPS
 

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