SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — August 1, 2018 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the second quarter ended June 30, 2018.
Highlights for the second quarter 2018 include:
- Total revenue of $894 million, growing 8% over the prior year, with fitness, marine, aviation and outdoor collectively growing 17% over the prior year quarter and contributing 80% of total revenue
- Gross margin of 58.5% compared to 58.2% in the prior year quarter
- Operating margin of 24.3% compared to 25.2% in the prior year quarter
- Operating income was $218 million, growing 4% over the prior year quarter
- GAAP EPS was $1.00 and pro forma EPS(1) was $0.99
- Launched the vívoactive® 3 music expanding our music offerings into the advanced wellness category
- Introduced the new revolutionary Panoptix LiveScopeTM delivering the first and only live scanning sonar for recreational fishing
- Launched the fēnix® 5 Plus series of watches with built-in color maps, Garmin PayTM mobile payments, music storage and added Pulse Ox sensor technology for blood oxygen saturation awareness to the fēnix 5X Plus
| (in thousands, | 13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||
| except per share data) | June 30, | July 1, | Yr over Yr | June 30, | July 1, | Yr over Yr | ||||||||||||||||
| 2018 | 2017 | Change | 2018 | 2017 | Change | |||||||||||||||||
| Net sales | $ | 894,452 | $ | 831,486 | 8 | % | $ | 1,605,325 | $ | 1,472,996 | 9 | % | ||||||||||
| Fitness | 225,095 | 181,022 | 24 | % | 391,130 | 318,852 | 23 | % | ||||||||||||||
| Marine | 134,583 | 108,545 | 24 | % | 248,138 | 212,990 | 17 | % | ||||||||||||||
| Aviation | 153,006 | 124,060 | 23 | % | 298,719 | 246,931 | 21 | % | ||||||||||||||
| Outdoor | 201,640 | 194,776 | 4 | % | 345,899 | 310,652 | 11 | % | ||||||||||||||
| Auto | 180,128 | 223,083 | -19 | % | 321,439 | 383,571 | -16 | % | ||||||||||||||
| Gross margin % | 58.5 | % | 58.2 | % | 59.2 | % | 58.2 | % | ||||||||||||||
| Operating income % | 24.3 | % | 25.2 | % | 22.4 | % | 22.2 | % | ||||||||||||||
| GAAP diluted EPS | $ | 1.00 | $ | 0.94 | 6 | % | $ | 1.69 | $ | 2.20 | -23 | % | ||||||||||
| Pro forma diluted EPS (1) | $ | 0.99 | $ | 0.91 | 9 | % | $ | 1.67 | $ | 1.44 | 16 | % | ||||||||||
|
(1) |
See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS |
|
