Garmin Reports Solid Fiscal 2017 Revenue and Operating Income Growth; Proposes Dividend Increase

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 21, 2018 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fourth quarter and fiscal year ended December 30, 2017.

Highlights for the fourth quarter 2017 include:

  • Total revenue of $888 million, growing 3% over the prior year quarter, with outdoor, fitness, marine and aviation collectively growing 9% over the prior year quarter and contributing 78% of total revenue
  • Gross margin improved to 56.2% compared to 54.7% in the prior year quarter
  • Operating margin improved to 20.2% compared to 18.6% in the prior year quarter
  • Operating income of $179 million, representing growth of 12%
  • GAAP EPS was $0.73 for the fourth quarter, representing growth of 2% and pro forma EPS(1) was $0.79 for fourth quarter 2017, representing growth of 9%
  • Delivered our one-millionth certified aviation product demonstrating our long history of innovation and contribution to the aviation industry
  • Began shipping our updated marine ECHOMAP™ and STRIKER™ products bringing connectivity to the water

Highlights for the fiscal year 2017 include:

  • Total revenue of $3,087 million, growing 2% over the prior year, with outdoor, fitness, marine and aviation collectively growing 9% over the prior year and contributing 76% of total revenue
  • Gross and operating margins of 57.8% and 21.7%, respectively, both improving from 2016 levels
  • Operating income of $669 million, representing 7% growth
  • GAAP EPS was $3.68 and pro forma EPS(1) was $2.94
  • Shipped over 15 million units and over 188 million since inception
  • Completed the acquisition of Navionics®S.p.A., a privately-held worldwide provider of electronic navigational charts and mobile applications for the marine industry
  • Strong demand for the fēnix® line of wearables led to significant growth in our outdoor segment
  • Connect IQ™ app store continued growth with over 3,500 apps and over 45 million downloads since inception
  • Garmin ranked #41 on Forbes' “The Just 100: America’s Best Corporate Citizens” and ranked as one of the Global 2000 World’s Best Employers
(in thousands,     13-Weeks Ended   14-Weeks Ended         52-weeks Ended   53-weeks Ended      
except per share data) December 30,   December 31,     Yr over Yr December 30,   December 31,     Yr over Yr
2017 2016     Change 2017 2016     Change
Net sales $ 888,496 $ 860,767 3 % $ 3,087,004 $ 3,018,665 2 %
Outdoor 203,278 175,397 16 % 698,867 546,326 28 %
Aviation 129,800 117,265 11 % 501,359 439,348 14 %
Marine 83,699 67,458 24 % 374,001 331,947 13 %
Fitness 276,195 274,052 1 % 762,194 818,486 -7 %
Auto 195,524 226,595 -14 % 750,583 882,558 -15 %
 
Gross margin % 56.2 % 54.7 % 57.8 % 55.6 %
 
Operating income % 20.2 % 18.6 % 21.7 % 20.7 %
 
GAAP diluted EPS $

0.73

$

0.72

2 % $ 3.68 $ 2.70 36 %
Pro forma diluted EPS (1) $

0.79

$

0.73

9 % $ 2.94 $ 2.83 4 %
 

(1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS

 

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