SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — October 26, 2016 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the third quarter ended September 24, 2016.
Highlights for the third quarter 2016 include:
- Total revenue of $722 million, growing 6% over the prior year, with fitness, outdoor, marine and aviation collectively growing 24% over the prior year quarter and contributing 70% of total revenue
- Gross margin expanded to 56.2% compared to 53.3% in the prior year quarter, and operating margin expanded to 22.1% compared to 18.5% in the prior year quarter
- GAAP EPS was $0.66, a 5% improvement over the prior year quarter, and pro forma EPS(1) was $0.75, a 47% improvement over the prior year quarter
- Launched new product categories with the vívofit® jr., our first wearable and companion mobile application designed for kids, and the fēnix® Chronos, a luxury activity watch crafted with premium materials
| (in thousands, | 13-Weeks Ended | 39-Weeks Ended | |||||||||||||||||||||
| except per share data) | Sept 24, | Sept 26, | Yr over Yr | Sept 24, | Sept 26, | Yr over Yr | |||||||||||||||||
| 2016 |
2015 (2) |
|
Change | 2016 |
2015 (2) |
|
Change | ||||||||||||||||
| Net sales | $ | 722,250 | $ | 679,690 | 6 | % | $ | 2,157,898 | $ | 2,038,913 | 6 | % | |||||||||||
| Fitness | 189,161 | 143,216 | 32 | % | 544,434 | 432,859 | 26 | % | |||||||||||||||
| Outdoor | 141,006 | 109,863 | 28 | % | 370,929 | 291,299 | 27 | % | |||||||||||||||
| Marine | 70,010 | 62,315 | 12 | % | 264,489 | 230,325 | 15 | % | |||||||||||||||
| Aviation | 107,436 | 94,232 | 14 | % | 322,083 | 294,560 | 9 | % | |||||||||||||||
| Auto | 214,637 | 270,064 | -21 | % | 655,963 | 789,870 | -17 | % | |||||||||||||||
| Gross profit % | 56.2 | % | 53.3 | % | 56.0 | % | 55.2 | % | |||||||||||||||
| Operating profit % | 22.1 | % | 18.5 | % | 21.5 | % | 19.8 | % | |||||||||||||||
| GAAP diluted EPS | $ | 0.66 | $ | 0.63 | 5 | % | $ | 1.98 | $ | 1.69 | 17 | % | |||||||||||
| Pro forma diluted EPS (1) | $ | 0.75 | $ | 0.51 | 47 | % | $ | 2.10 | $ | 1.75 | 20 | % | |||||||||||
| (1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS |
| (2) Action camera related net sales for the 13-weeks and 39-weeks ended Sept 26, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation. |
