Garmin Reports Solid Fiscal 2016 Revenue and Operating Income

Garmin Reports Solid Fiscal 2016 Revenue and Operating Income Growth

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 22, 2017 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal-year ended December 31, 2016.

Highlights for the fourth quarter 2016 include:

Total revenue of $861 million, growing 10% over the prior year, with outdoor, fitness, marine and aviation collectively growing 25% over the prior year quarter and contributing 74% of total revenue
Gross margin improved to 54.7% compared to 52.9% in the prior year quarter
Operating margin of 18.6% compared to 18.7% in the prior year quarter
Operating income growth of 10%
GAAP EPS was $0.72 and pro forma EPS⁽¹⁾ of $0.73 for fourth quarter 2016
Introduced the fēnix® 5 with three watch designs that are expected to appeal to a broader range of wrist sizes and style preferences

Highlights for the fiscal year 2016 include:

Total revenue of $3,019 million growing 7% over the prior year, with outdoor, fitness, marine and aviation collectively growing 21% over the prior year and contributing 71% of total revenue
Gross and operating margins of 55.6% and 20.7%, respectively, both improving from 2015 levels
GAAP EPS was $2.70, a 13% improvement over the prior year, and pro forma EPS⁽¹⁾ was $2.83, a 14% improvement over the prior year
Shipped approximately 16.8 million units, up 4% from the prior year and over 173 million since inception
Connect IQ app store establishes itself with over 2,500 apps and over 24 million downloads since inception


(in thousands,	14-Weeks Ended		13-Weeks Ended				53-Weeks Ended		52-Weeks Ended
except per share data)	Dec 31,		Dec 26,		Yr over Yr		Dec 31,		Dec 26,		Yr over Yr
	2016		2015 ⁽²⁾		Change		2016		2015 ⁽²⁾		Change
Net sales	$860,767		$781,358		10	%	$3,018,665		$2,820,270		7	%
Outdoor	175,397		119,884		46	%	546,326		411,184		33	%
Fitness	274,052		228,740		20	%	818,486		661,599		24	%
Marine	67,458		56,454		19	%	331,947		286,778		16	%
Aviation	117,265		104,059		13	%	439,348		398,618		10	%
Auto	226,595		272,221		-17	%	882,558		1,062,091		-17	%

Gross profit %	54.7	%	52.9	%			55.6	%	54.6	%

Operating profit %	18.6	%	18.7	%			20.7	%	19.5	%

GAAP diluted EPS	$0.72		$0.70		3	%	$2.70		$2.39		13	%
Pro forma diluted EPS ⁽¹⁾	$0.73		$0.74		-1	%	$2.83		$2.49		14	%

(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 52-weeks ended Dec 26, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 Next Page »