SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 18, 2015 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the fiscal year and quarter ended December 27, 2014.
Highlights in the quarter include:
- Total revenue of $803 million in fourth quarter 2014 with non-automotive/mobile segments of outdoor, fitness, aviation and marine delivering 58% of total revenues
- Gross and operating margins of 54% and 22%, respectively
- Gained market share across a broad range of product categories including activity trackers and PNDs
Highlights for the fiscal year include:
- Total revenue of $2,871 million in 2014 with non-automotive/mobile segments of outdoor, fitness, aviation and marine growing a combined 23% over 2013 and contributing 57% of total revenue
- Gross and operating margins of 56% and 24%, respectively, improving from 2013 levels
- Continued diversification of revenue and profitability sources as we entered new product categories, broadened our range of offerings and grew market share
- Returned $602 million of cash to shareholders with quarterly dividends totaling $360 million and share repurchases of $242 million
| (in thousands, | 13-Weeks Ended | 52-Weeks Ended | |||||||||||||||||||||
| except per share data) | Dec 27, | Dec 28, | Yr over Yr | Dec 27, | Dec 28, | Yr over Yr | |||||||||||||||||
| 2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||||
| Net sales | $ | 803,306 | $ | 759,694 | 6 | % | $ | 2,870,658 | $ | 2,631,851 | 9 | % | |||||||||||
| Automotive/Mobile | 339,832 | 382,504 | -11 | % | 1,240,377 | 1,302,314 | -5 | % | |||||||||||||||
| Fitness | 201,303 | 118,623 | 70 | % | 568,440 | 356,283 | 60 | % | |||||||||||||||
| Outdoor | 116,432 | 126,617 | -8 | % | 427,555 | 410,989 | 4 | % | |||||||||||||||
| Aviation | 93,279 | 87,367 | 7 | % | 385,915 | 339,337 | 14 | % | |||||||||||||||
| Marine | 52,460 | 44,583 | 18 | % | 248,371 | 222,928 | 11 | % | |||||||||||||||
| Gross profit % | 54 | % | 52 | % | 56 | % | 53 | % | |||||||||||||||
| Operating profit % | 22 | % | 23 | % | 24 | % | 22 | % | |||||||||||||||
| GAAP diluted EPS | $ | 1.09 | $ | 0.83 | 31 | % | $ | 1.88 | $ | 3.12 | -40 | % | |||||||||||
| Pro forma diluted EPS (1) | $ | 0.77 | $ | 0.76 | 1 | % | $ | 3.10 | $ | 2.62 | 18 | % | |||||||||||
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(1) See attached tables for reconciliation of non GAAP measures including pro forma diluted EPS and free cash flow. |
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