SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — May 2, 2018 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the first quarter ended March 31, 2018.
Highlights for the first quarter 2018 include:
- Total revenue of $711 million, growing 11% over the prior year, with outdoor, fitness, aviation, and marine collectively growing 18% over the prior year quarter and contributing 80% of total revenue
- Gross margin improved to 60.0% compared to 58.1% in the prior year quarter
- Operating margin improved to 20.0% compared to 18.2% in the prior year quarter
- Operating income grew 22%
- GAAP and pro forma EPS(1) was $0.68
- Launched the G500H TXi, a new generation of touchscreen flight decks for helicopters
- Began shipping the Forerunner® 645M, our first GPS running watch with integrated music and Garmin Pay contactless payments
- Recently held our second annual Connect IQ™ Summit hosting developers from around the world
| (in thousands, | 13-Weeks Ended | ||||||||
| except per share data) | March 31, | April 1, | Yr over Yr | ||||||
| 2018 | 2017 | Change | |||||||
| Net sales | $ 710,872 | $ 641,510 | 11% | ||||||
| Outdoor | 144,258 | 115,875 | 24% | ||||||
| Fitness | 166,035 | 137,831 | 20% | ||||||
| Aviation | 145,713 | 122,871 | 19% | ||||||
| Marine | 113,554 | 104,445 | 9% | ||||||
| Auto | 141,312 | 160,488 | -12% | ||||||
| Gross margin % | 60.0% | 58.1% | |||||||
| Operating income % | 20.0% | 18.2% | |||||||
| GAAP diluted EPS | $ 0.68 | $ 1.26 | -46% | ||||||
| Pro forma diluted EPS (1) | $ 0.68 | $ 0.52 | 31% | ||||||
| (1) | See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS | |
