Garmin Reports Q4 and Fiscal 2015 Results

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 17, 2016 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the fourth quarter ended December 26, 2015.

Highlights in the quarter include:

  • Total revenue of $781 million with outdoor, fitness, aviation and marine collectively growing 11% over the year ago quarter and contributing 66% of total revenue
  • Gross and operating margins were 52.9% and 18.7%, respectively
  • Pro forma EPS(1) of $0.74 for fourth quarter 2015
  • Launched our global Beat Yesterday™ advertising campaign, designed to highlight the intrinsic motivation that leads to self-improvement
  • Recently announced new products available for the first quarter 2016 including a new line up of golf devices, fēnix® 3 HR with Garmin Elevate™ wrist heart rate technology, Varia Vision™ in-sight display, and the Garmin Drive™ line of PNDs

Highlights for the fiscal year include:

  • Total revenue of $2,820 million with outdoor, fitness, aviation, and marine collectively growing 9% over 2014 and contributing 63% of total revenue
  • Gross and operating margins were 54.6% and 19.5%, respectively
  • Shipped approximately 16.2 million units, up 7% from prior year
  • Pro forma EPS(1) of $2.49 for 2015
           
(in thousands, 13-Weeks Ended 52-Weeks Ended
except per share data) Dec 26,   Dec 27, Yr over Yr Dec 26, Dec 27, Yr over Yr
2015 2014   Change 2015 2014   Change
Net sales $781,358 $803,306 -3% $2,820,270 $2,870,658 -2%
Auto 268,478 339,832 -21% 1,048,125 1,240,377 -15%
Fitness 228,740 201,303 14% 661,599 568,440 16%
Outdoor 123,627 116,432 6% 425,150 427,555 -1%
Aviation 104,059 93,279 12% 398,618 385,915 3%
Marine 56,454 52,460 8% 286,778 248,371 15%
 
Gross profit % 52.9% 53.6% 54.6% 55.9%
 
Operating profit % 18.7% 21.9% 19.5% 24.1%
 
GAAP diluted EPS $0.70 $1.09 -36% $2.39 $1.88 27%
Pro forma diluted EPS (1) $0.74 $0.77 -4% $2.49 $3.10 -20%
 

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