SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — April 29, 2015 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the quarter ended March 28, 2015.
Highlights in the quarter include:
- Total revenue of $585 million in the first quarter of 2015 with fitness, outdoor, aviation and marine delivering 63% of total revenue and collectively growing 9% over the year ago quarter
- The relative strength of the US Dollar compared to other major currencies negatively impacted revenue by approximately $38 million, or 7%, in the first quarter of 2015
- Gross margin improved from the prior year to 59% while operating margin remained strong at 19%
- Pro forma EPS of $0.55 for first quarter 2015, consistent with the prior year
- Launched vívofit™ 2, vívoactive™, and fēnix® 3, highlighting our continued commitment to a broad product portfolio in the rapidly growing wearables category
| (in thousands, | 13-Weeks Ended | ||||||||
| except per share data) | March 28, | March 29, | Yr over Yr | ||||||
| 2015 | 2014 | Change | |||||||
| Net sales | $585,394 | $583,221 | 0% | ||||||
| Auto | 216,126 | 242,952 | -11% | ||||||
| Fitness | 130,994 | 100,288 | 31% | ||||||
| Outdoor | 75,915 | 83,985 | -10% | ||||||
| Aviation | 98,062 | 95,994 | 2% | ||||||
| Marine | 64,297 | 60,002 | 7% | ||||||
| Gross profit % | 59% | 57% | |||||||
| Operating profit % | 19% | 21% | |||||||
| GAAP diluted EPS | $0.35 | $0.61 | -42% | ||||||
| Pro forma diluted EPS (1) | $0.55 | $0.55 | 0% | ||||||
| (1) See attached tables for reconciliation of non GAAP measures including pro forma | |
| diluted EPS and free cash flow | |
