Garmin Reports Solid Fiscal 2017 Revenue and Operating Income Growth; Proposes Dividend Increase

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 21, 2018 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fourth quarter and fiscal year ended December 30, 2017.

Highlights for the fourth quarter 2017 include:

  • Total revenue of $888 million, growing 3% over the prior year quarter, with outdoor, fitness, marine and aviation collectively growing 9% over the prior year quarter and contributing 78% of total revenue
  • Gross margin improved to 56.2% compared to 54.7% in the prior year quarter
  • Operating margin improved to 20.2% compared to 18.6% in the prior year quarter
  • Operating income of $179 million, representing growth of 12%
  • GAAP EPS was $0.73 for the fourth quarter, representing growth of 2% and pro forma EPS(1) was $0.79 for fourth quarter 2017, representing growth of 9%
  • Delivered our one-millionth certified aviation product demonstrating our long history of innovation and contribution to the aviation industry
  • Began shipping our updated marine ECHOMAP™ and STRIKER™ products bringing connectivity to the water

Highlights for the fiscal year 2017 include:

  • Total revenue of $3,087 million, growing 2% over the prior year, with outdoor, fitness, marine and aviation collectively growing 9% over the prior year and contributing 76% of total revenue
  • Gross and operating margins of 57.8% and 21.7%, respectively, both improving from 2016 levels
  • Operating income of $669 million, representing 7% growth
  • GAAP EPS was $3.68 and pro forma EPS(1) was $2.94
  • Shipped over 15 million units and over 188 million since inception
  • Completed the acquisition of Navionics®S.p.A., a privately-held worldwide provider of electronic navigational charts and mobile applications for the marine industry
  • Strong demand for the fēnix® line of wearables led to significant growth in our outdoor segment
  • Connect IQ™ app store continued growth with over 3,500 apps and over 45 million downloads since inception
  • Garmin ranked #41 on Forbes' “The Just 100: America’s Best Corporate Citizens” and ranked as one of the Global 2000 World’s Best Employers
(in thousands,     13-Weeks Ended   14-Weeks Ended         52-weeks Ended   53-weeks Ended      
except per share data) December 30,   December 31,     Yr over Yr December 30,   December 31,     Yr over Yr
2017 2016     Change 2017 2016     Change
Net sales $ 888,496 $ 860,767 3 % $ 3,087,004 $ 3,018,665 2 %
Outdoor 203,278 175,397 16 % 698,867 546,326 28 %
Aviation 129,800 117,265 11 % 501,359 439,348 14 %
Marine 83,699 67,458 24 % 374,001 331,947 13 %
Fitness 276,195 274,052 1 % 762,194 818,486 -7 %
Auto 195,524 226,595 -14 % 750,583 882,558 -15 %
 
Gross margin % 56.2 % 54.7 % 57.8 % 55.6 %
 
Operating income % 20.2 % 18.6 % 21.7 % 20.7 %
 
GAAP diluted EPS $

0.73

$

0.72

2 % $ 3.68 $ 2.70 36 %
Pro forma diluted EPS (1) $

0.79

$

0.73

9 % $ 2.94 $ 2.83 4 %
 

(1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS

 

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11  Next Page »



Review Article Be the first to review this article

Harris

Featured Video
Jobs
Mechanical Engineer for Allen & Shariff Corporation at Pittsburgh, Pennsylvania
Mid-Level Mechanical Engineer for Kiewit at lenexa, Kansas
Upcoming Events
International Conference on Geomatics, Geomapplica 2018 at Syros - Mykonos islands Greece - Jun 25 - 29, 2018
18 International Multidisciplinary Scientific GeoConference SGEM 2018 at Paradise Blue 5 *****, Congress Center Albena Resort & Spa Bulgaria - Jun 30 - 9, 2018
2018 Esri User Conference at San Diego Convention Center San Diego CA - Jul 9 - 13, 2018
SUE Association at Capitol Skyline Hotel 10 “I” Eye Street, SW Washington, DC - Jul 26, 2018
LaserTech
Teledyne Optech
University of Denver GIS Masters Degree Online
Teledyne:
Interdrone 2018



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — 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 PolicyAdvertise