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
 

1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article
Trimble Catalyst

Harris

Featured Video
Jobs
Lead Geospatial Analyst for Alion at McLean, VA
Industrial Designer Intern – Spring 2017 for Nvidia at Santa Clara, CA
CAD Systems Administrator for KLA-Tencor at Milpitas, CA
Senior Mechanical Engineer for Verb Surgical at Mountain View, CA
Principal Research Mechatronics Engineer for Verb Surgical at Mountain View, CA
Upcoming Events
Connected Cities USA at Chicago IL - Mar 29 - 30, 2017
GeoDATA 2017 All-Ireland Showcase at Croke Park Jones' Road Dublin Ireland - Mar 30, 2017
SPTechCon 2017 at Austin Texas - Apr 2 - 5, 2017
GENEQ
Teledyne Optech
Teledyne:
xponential2017
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — 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 Policy