Garmin reports record first quarter revenue and double-digit earnings growth

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — May 2, 2018 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the first quarter ended March 31, 2018.

Highlights for the first quarter 2018 include:

  • Total revenue of $711 million, growing 11% over the prior year, with outdoor, fitness, aviation, and marine collectively growing 18% over the prior year quarter and contributing 80% of total revenue
  • Gross margin improved to 60.0% compared to 58.1% in the prior year quarter
  • Operating margin improved to 20.0% compared to 18.2% in the prior year quarter
  • Operating income grew 22%
  • GAAP and pro forma EPS(1) was $0.68
  • Launched the G500H TXi, a new generation of touchscreen flight decks for helicopters
  • Began shipping the Forerunner® 645M, our first GPS running watch with integrated music and Garmin Pay contactless payments
  • Recently held our second annual Connect IQ™ Summit hosting developers from around the world
(in thousands,     13-Weeks Ended  
except per share data) March 31,     April 1,   Yr over Yr
2018 2017 Change
Net sales $ 710,872 $ 641,510 11%
Outdoor 144,258 115,875 24%
Fitness 166,035 137,831 20%
Aviation 145,713 122,871 19%
Marine 113,554 104,445 9%
Auto 141,312 160,488 -12%
 
Gross margin % 60.0% 58.1%
 
Operating income % 20.0% 18.2%
 
GAAP diluted EPS $ 0.68 $ 1.26 -46%
Pro forma diluted EPS (1) $ 0.68 $ 0.52 31%
(1)   See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS
 

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