Garmin Reports Strong Second Quarter 2013 Results and Maintains Full Year Outlook
SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 31, 2013 —
Garmin Ltd. (Nasdaq:
GRMN) today announced results for the fiscal
quarter ended June 29, 2013. Highlights in the quarter include:
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Total revenue of $697 million in second quarter 2013 with traditional
segments of outdoor, fitness, aviation and marine delivering 51% of
total revenues and growing 8% over the year ago quarter
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Operating margin of 24% with 64% of operating profit from traditional
segments
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Continued to gain global market share in the PND industry
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Introduced the Monterra™, an Android™ powered outdoor GPS, supporting 3rd
party applications for outdoor professionals and enthusiasts
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Announced the expansion of our relationships with Volkswagen and MINI,
providing factory- or dealer-installed solutions for the compact car
market
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Generated $186 million of free cash flow in second quarter 2013
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(in thousands,
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13-Weeks Ended
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26-Weeks Ended
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except per share data)
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June 29,
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June 30,
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Yr over Yr
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June 29,
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June 30,
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Yr over Yr
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2013
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2012
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Change
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2013
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2012
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Change
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Net sales
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$696,563
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$718,154
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-3%
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$1,228,520
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$1,274,751
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-4%
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Automotive/Mobile
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344,701
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392,124
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-12%
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597,290
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671,393
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-11%
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Outdoor
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106,856
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100,496
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6%
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183,022
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177,659
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3%
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Aviation
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88,042
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75,932
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16%
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168,511
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148,819
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13%
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Fitness
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84,216
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81,812
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3%
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156,653
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153,026
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2%
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Marine
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72,748
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67,790
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7%
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123,044
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123,854
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-1%
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Gross profit %
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55%
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59%
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54%
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55%
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Operating profit %
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24%
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28%
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20%
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23%
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Pro forma diluted EPS (1)
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$0.76
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$0.98
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-22%
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$1.16
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$1.43
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-19%
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Note: 2012 results include one-time royalty fee benefit of $21
million impacting gross margin.
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(1) See table on final page for reconciliation of GAAP EPS to Pro
forma diluted EPS
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