Garmin Reports First Quarter Revenue and Earnings Growth

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — May 3, 2017 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the first quarter ended April 1, 2017.

Highlights for the first quarter 2017 include:

  • Total revenue of $639 million, growing 2% over the prior year, with marine, outdoor, aviation and fitness collectively growing 12% over the prior year quarter and contributing 75% of total revenue
  • Gross margin improved to 58.3% compared to 54.5% in the prior year quarter
  • Operating margin improved to 18.2% compared to 16.6% in the prior year quarter
  • Operating income grew 12%
  • GAAP EPS was $1.26 and pro forma EPS(1) was $0.52
  • Began shipping the highly anticipated fēnix® 5 adventure watch series, with three watch designs appealing to a broader range of wrist sizes and style preferences
  • Launched the Forerunner 935 multisport watch, and introduced the vívosmart® 3 with all-day stress tracking
(in thousands,           13-Weeks Ended
except per share data) April 1,       March 26,       Yr over Yr
2017 2016 Change
Net sales $ 638,546 $ 624,040 2 %
Marine 104,445 82,880 26 %
Outdoor 115,875 96,827 20 %
Aviation 122,871 106,316 16 %
Fitness 137,831 142,418 -3 %
Auto 157,524 195,599 -19 %
 
Gross margin % 58.3 % 54.5 %
 
Operating income % 18.2 % 16.6 %
 
GAAP diluted EPS $ 1.26 $ 0.46 171 %

Pro forma diluted EPS (1)

$ 0.52 $ 0.49 7 %

(1)

   

See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS

 

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »
Featured Video
Jobs
GIS Specialist for Washington State Department of Natural Resources at Olympia, Washington
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Business Technology Analyst for Surface Water Management at Everett, Washington
Senior Principal Software Engineer for Autodesk at San Francisco, California
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Mechanical Test Engineer, Platforms Infrastructure for Google at Mountain View, California
Upcoming Events
Dimensions User Conference 2024 at The Venetian Resort Las Vegas NV - Nov 11 - 13, 2024
URISA GIS Leadership Academy at Embassy Suites Fort Worth Downtown 600 Commerce Street Fort Worth, TX - Nov 18 - 22, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise