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.

 


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