SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — August 2, 2017 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the second quarter ended July 1, 2017.
Highlights for the second quarter 2017 include:
- Total revenue of $817 million, growing 1% over the prior year, with outdoor, aviation, marine and fitness collectively growing 8% over the prior year quarter and contributing 74% of total revenue
- Gross margin improved to 58.5% compared to 57.0% in the prior year quarter
- Operating margin improved to 24.9% compared to 24.7% in the prior year quarter
- Operating income was $203 million, growing 1% over the prior year quarter
- GAAP EPS was $0.91 and pro forma EPS(1) was $0.88
- Strong demand for the highly anticipated fēnix® 5 watch series led to significant growth in our outdoor segment
- Launched the VIRB® 360, our first immersive 360-degree 5.7K/30 fps spherical camera
- Our Connect IQ store has delivered 17 million downloads to our customers in the past year bringing the total number of downloads since inception to over 30 million
| (in thousands, | 13-Weeks Ended | 26-Weeks Ended | |||||||||||||||||||||||
| except per share data) | July 1, | June 25, | Yr over Yr | July 1, | June 25, | Yr over Yr | |||||||||||||||||||
| 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||||||
| Net sales | $816,885 | $811,609 | 1 | % | $1,455,431 | $1,435,648 | 1 | % | |||||||||||||||||
| Outdoor | 194,776 | 133,096 | 46 | % | 310,652 | 229,923 | 35 | % | |||||||||||||||||
| Aviation | 124,060 | 108,331 | 15 | % | 246,931 | 214,647 | 15 | % | |||||||||||||||||
| Marine | 108,545 | 111,599 | -3 | % | 212,990 | 194,479 | 10 | % | |||||||||||||||||
| Fitness | 181,022 | 212,855 | -15 | % | 318,852 | 355,273 | -10 | % | |||||||||||||||||
| Auto | 208,482 | 245,728 | -15 | % | 366,006 | 441,326 | -17 | % | |||||||||||||||||
| Gross margin % | 58.5 | % | 57.0 | % | 58.4 | % | 55.9 | % | |||||||||||||||||
| Operating income % | 24.9 | % | 24.7 | % | 22.0 | % | 21.2 | % | |||||||||||||||||
| GAAP diluted EPS | $0.91 | $0.85 | 7 | % | $2.17 | $1.31 | 65 | % | |||||||||||||||||
| Pro forma diluted EPS (1) | $0.88 | $0.87 | 1 | % | $1.40 | $1.36 | 3 | % | |||||||||||||||||
| (1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS |
