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

 

1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article
Airbus

Featured Video
Jobs
GIS Analyst II for Air Worldwide at Boston, MA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Mechanical Engineer for IDEX Corporation at West Jordan,, UT
Senior Structural Engineer for Design Everest at San Francisco, CA
Upcoming Events
SPTechCon 2016, Dec 5 - 8, 2016, San Francisco, CA at San Francisco CA - Dec 5 - 8, 2016
RoboUniverse San Diego at San Diego CA - Dec 14 - 15, 2016
DGI 2017 at QEII Centre London United Kingdom - Jan 23 - 25, 2017
Trimble
Teledyne Optech
University of Denver GIS Masters Degree Online
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2016 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