Garmin Reports EPS Growth in First Quarter 2014 with Strong Revenue and Margins

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — April 30, 2014 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal year and quarter ended March 29, 2014.

Highlights in the quarter include:

  • Total revenue of $583 million in first quarter 2014 with outdoor, fitness, aviation and marine delivering 58% of total revenues and growing 22% over the year ago quarter
  • Gross and operating profit margins improved from the prior year quarter to 57% and 21%, respectively
  • Pro forma EPS growth of 38%, or $0.55 for first quarter 2014
  • Delivered vívofit™, our first fitness band, in the rapidly growing activity monitor category
  • Announced the G3X™ Touch for the experimental and light-sport aircraft markets with five OEM partners at launch
(in thousands,     13-Weeks Ended
except per share data) Mar 29,     Mar 30,     Yr over Yr
2014 2013     Change
Net sales $583,221 $531,957 10%
Automotive/Mobile 242,952 252,589 -4%
Outdoor 83,985 76,165 10%
Aviation 95,994 80,470 19%
Fitness 100,288 72,437 38%
Marine 60,002 50,296 19%
 
Gross profit % 57% 52%
 
Operating profit % 21% 15%
 
Pro forma diluted EPS (1) $0.55 $0.40 38%

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