SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — April 30, 2014 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal year and quarter ended March 29, 2014.
Highlights in the quarter include:
- Total revenue of $583 million in first quarter 2014 with outdoor, fitness, aviation and marine delivering 58% of total revenues and growing 22% over the year ago quarter
- Gross and operating profit margins improved from the prior year quarter to 57% and 21%, respectively
- Pro forma EPS growth of 38%, or $0.55 for first quarter 2014
- Delivered vívofit™, our first fitness band, in the rapidly growing activity monitor category
- Announced the G3X™ Touch for the experimental and light-sport aircraft markets with five OEM partners at launch
| (in thousands, | 13-Weeks Ended | ||||||||
| except per share data) | Mar 29, | Mar 30, | Yr over Yr | ||||||
| 2014 | 2013 | Change | |||||||
| Net sales | $583,221 | $531,957 | 10% | ||||||
| Automotive/Mobile | 242,952 | 252,589 | -4% | ||||||
| Outdoor | 83,985 | 76,165 | 10% | ||||||
| Aviation | 95,994 | 80,470 | 19% | ||||||
| Fitness | 100,288 | 72,437 | 38% | ||||||
| Marine | 60,002 | 50,296 | 19% | ||||||
| Gross profit % | 57% | 52% | |||||||
| Operating profit % | 21% | 15% | |||||||
| Pro forma diluted EPS (1) | $0.55 | $0.40 | 38% | ||||||
