Garmin Reports Strong Revenue & Pro Forma EPS Growth in

Garmin Reports Strong Revenue & Pro Forma EPS Growth in Second Quarter 2014

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 30, 2014 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the quarter ended June 28, 2014.

Highlights in the quarter include:

Total revenue of $778 million in second quarter 2014 with fitness and aviation delivering significant growth of 79% and 11%, respectively
Gross and operating profit margins improved from the prior year quarter to 57% and 28%, respectively
Pro forma EPS growth of 34%; $1.02 for second quarter 2014 compared to $0.76 in the prior year
Announced the acquisition of Fusion® Electronics, a leading supplier of integrated marine audio equipment, which was completed in third quarter 2014
Generated $143 million of free cash flow in second quarter 2014


(in thousands,	13-Weeks Ended								26-Weeks Ended
except per share data)	Jun 28,			Jun 29,			Yr over Yr		Jun 28,			Jun 29,			Yr over Yr
	2014			2013			Change		2014			2013			Change
Net sales	$	777,848		$	696,563		12	%	$	1,361,069		$	1,228,520		11	%
Automotive/Mobile		350,036			344,701		2	%		592,988			597,290		-1	%
Fitness		150,678			84,216		79	%		250,965			156,653		60	%
Outdoor		106,059			106,856		-1	%		190,044			183,022		4	%
Aviation		97,295			88,042		11	%		193,289			168,511		15	%
Marine		73,780			72,748		1	%		133,783			123,044		9	%

Gross profit %		57	%		55	%				57	%		54	%

Operating profit %		28	%		24	%				25	%		20	%

Pro forma diluted EPS ⁽¹⁾	$	1.02		$	0.76		34	%	$	1.57		$	1.16		35	%

(1) See attached table for reconciliation of GAAP EPS to pro forma diluted EPS

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