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

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — October 29, 2014 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the quarter ended September 27, 2014.

Highlights in the quarter include:

  • Total revenue increased 10% to $706 million in third quarter 2014 with double digit growth in four of five reporting segments
  • Gross and operating profit margins increased from the prior year quarter to 56% and 25%, respectively
  • Operating income growth of $24 million, or 16%, to $176 million
  • Executed the inter-company restructuring as announced in July 2014 resulting in additional tax expense of $308 million in the third quarter and contributing to a GAAP net loss per share of $0.76
  • Pro forma EPS (1) growth of 10%; $0.76 for third quarter 2014 compared to $0.69 in the prior year
  • Generated $202 million of free cash flow(1) in third quarter 2014
   
(in thousands, 13-Weeks Ended 39-Weeks Ended
except per share data) Sep 27,   Sep 28,   Yr over Yr Sep 27,   Sep 28,   Yr over Yr
2014   2013     Change 2014   2013     Change
Net sales $ 706,283   $ 643,637 10% $ 2,067,352   $ 1,872,156 10%
Automotive/Mobile 307,558 322,520 -5% 900,545 919,810 -2%
Fitness 116,171 81,007 43% 367,137 237,660 54%
Outdoor 121,079 101,350 19% 311,123 284,372 9%
Aviation 99,347 83,459 19% 292,636 251,970 16%
Marine 62,128 55,301 12% 195,911 178,344 10%
 
Gross profit % 56 % 55 % 57 % 54 %
 
Operating profit % 25 % 24 % 25 % 21 %
 
GAAP diluted EPS ($0.76 ) $ 0.96 NM $ 0.79 $ 2.29 -66%
Pro forma diluted EPS (1) $ 0.76 $ 0.69 10% $ 2.33 $ 1.86 25%
 

(1) See attached tables for reconciliation of non GAAP measures including pro forma diluted EPS and free cash flow

 

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