Garmin Reports Strong Revenue & Pro Forma EPS Growth in Second Quarter 2014

2014 Guidance:

With strong results in the first half of 2014, we are updating our guidance and now anticipate revenues of $2.75-$2.85 billion, improved gross and operating margins and a lower pro forma effective tax rate. The result of these changes is a pro forma EPS range of $2.95 - $3.05. Our guidance anticipates promotional pricing for the holiday season, as well as higher spending in marketing and advertising to support new product categories resulting in margins that are lower than what we have experienced in the first half of the year.

               
2014 Update Prior
Revenue $2.75 - $2.85 B $2.6 - $2.7 B
Gross Margin ~56% 54 – 55%
Operating Income $650 - $675 M $530 - $565 M
Operating Margin ~24% ~21%
Tax Rate (Pro Forma) ~15% 17%
EPS (Pro Forma) $2.95 - $3.05 $2.50 - $2.60
 

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