Garmin Reports Strong Fiscal 2014 Revenue and Pro Forma EPS Growth; Proposes Dividend Increase and Announces Share Repurchase Plan

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 18, 2015 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the fiscal year and quarter ended December 27, 2014.

Highlights in the quarter include:

  • Total revenue of $803 million in fourth quarter 2014 with non-automotive/mobile segments of outdoor, fitness, aviation and marine delivering 58% of total revenues
  • Gross and operating margins of 54% and 22%, respectively
  • Gained market share across a broad range of product categories including activity trackers and PNDs

Highlights for the fiscal year include:

  • Total revenue of $2,871 million in 2014 with non-automotive/mobile segments of outdoor, fitness, aviation and marine growing a combined 23% over 2013 and contributing 57% of total revenue
  • Gross and operating margins of 56% and 24%, respectively, improving from 2013 levels
  • Continued diversification of revenue and profitability sources as we entered new product categories, broadened our range of offerings and grew market share
  • Returned $602 million of cash to shareholders with quarterly dividends totaling $360 million and share repurchases of $242 million
                   
(in thousands,   13-Weeks Ended     52-Weeks Ended
except per share data)   Dec 27,   Dec 28,   Yr over Yr     Dec 27,   Dec 28,   Yr over Yr
      2014       2013     Change       2014       2013     Change
Net sales   $ 803,306     $ 759,694     6 %     $ 2,870,658     $ 2,631,851     9 %
Automotive/Mobile     339,832       382,504     -11 %       1,240,377       1,302,314     -5 %
Fitness     201,303       118,623     70 %       568,440       356,283     60 %
Outdoor     116,432       126,617     -8 %       427,555       410,989     4 %
Aviation     93,279       87,367     7 %       385,915       339,337     14 %
Marine     52,460       44,583     18 %       248,371       222,928     11 %
                           
Gross profit %     54 %     52 %           56 %     53 %    
                           
Operating profit %     22 %     23 %           24 %     22 %    
                           
GAAP diluted EPS   $ 1.09     $ 0.83     31 %     $ 1.88     $ 3.12     -40 %
Pro forma diluted EPS (1)   $ 0.77     $ 0.76     1 %     $ 3.10     $ 2.62     18 %
                                               

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

                                               

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