Garmin Reports Strong First Quarter 2016 Sales

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — April 27, 2016 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the first quarter ended March 26, 2016.

Highlights in the quarter include:

  • Total revenue of $624 million, growing 7% over the prior year, with outdoor, fitness, aviation and marine collectively growing 17% over the year ago quarter and contributing 69% of total revenue
  • Gross and operating margins of 54.5% and 16.6%, respectively
  • GAAP EPS of $0.46 and Pro forma EPS(1) of $0.49 for first quarter 2016
  • Completed the acquisition of DeLorme, the pioneer of the inReach® series of affordable two-way satellite communication devices for the consumer adding both device and recurring service revenue to our outdoor segment
  • Started shipments of recently announced activity trackers including the vívoactive® HR with Garmin Elevate™ wrist heart rate technology and the vívofit® 3 with an industry leading one year battery life
 
(in thousands, 13-Weeks Ended
except per share data) Mar 26,   Mar 28, Yr over Yr
2016 2015 (2) Change
Net sales $624,040 $585,394 7%
Auto 195,599 219,226 -11%
Fitness 142,418 130,994 9%
Outdoor 96,827 72,815 33%
Aviation 106,316 98,062 8%
Marine 82,880 64,297 29%
 
Gross profit % 54.5% 58.8%
 
Operating profit % 16.6% 19.1%
 
GAAP diluted EPS $0.46 $0.35 31%
Pro forma diluted EPS (1) $0.49 $0.55 -11%
 
(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 ended March 28, 2015 have been recast from the
Outdoor segment to the Auto segment to conform to the current year presentation.
 

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