Garmin Reports Q4 and Fiscal 2015 Results

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 17, 2016 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the fourth quarter ended December 26, 2015.

Highlights in the quarter include:

Total revenue of $781 million with outdoor, fitness, aviation and marine collectively growing 11% over the year ago quarter and contributing 66% of total revenue
Gross and operating margins were 52.9% and 18.7%, respectively
Pro forma EPS⁽¹⁾ of $0.74 for fourth quarter 2015
Launched our global Beat Yesterday™ advertising campaign, designed to highlight the intrinsic motivation that leads to self-improvement
Recently announced new products available for the first quarter 2016 including a new line up of golf devices, fēnix® 3 HR with Garmin Elevate™ wrist heart rate technology, Varia Vision™ in-sight display, and the Garmin Drive™ line of PNDs

Highlights for the fiscal year include:

Total revenue of $2,820 million with outdoor, fitness, aviation, and marine collectively growing 9% over 2014 and contributing 63% of total revenue
Gross and operating margins were 54.6% and 19.5%, respectively
Shipped approximately 16.2 million units, up 7% from prior year
Pro forma EPS⁽¹⁾ of $2.49 for 2015


(in thousands,	13-Weeks Ended			52-Weeks Ended
except per share data)	Dec 26,	Dec 27,	Yr over Yr	Dec 26,	Dec 27,	Yr over Yr
	2015	2014	Change	2015	2014	Change
Net sales	$781,358	$803,306	-3%	$2,820,270	$2,870,658	-2%
Auto	268,478	339,832	-21%	1,048,125	1,240,377	-15%
Fitness	228,740	201,303	14%	661,599	568,440	16%
Outdoor	123,627	116,432	6%	425,150	427,555	-1%
Aviation	104,059	93,279	12%	398,618	385,915	3%
Marine	56,454	52,460	8%	286,778	248,371	15%

Gross profit %	52.9%	53.6%		54.6%	55.9%

Operating profit %	18.7%	21.9%		19.5%	24.1%

GAAP diluted EPS	$0.70	$1.09	-36%	$2.39	$1.88	27%
Pro forma diluted EPS ⁽¹⁾	$0.74	$0.77	-4%	$2.49	$3.10	-20%

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