SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 17, 2016 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the fourth quarter ended December 26, 2015.
Highlights in the quarter include:
- Total revenue of $781 million with outdoor, fitness, aviation and marine collectively growing 11% over the year ago quarter and contributing 66% of total revenue
- Gross and operating margins were 52.9% and 18.7%, respectively
- Pro forma EPS(1) of $0.74 for fourth quarter 2015
- Launched our global Beat Yesterday™ advertising campaign, designed to highlight the intrinsic motivation that leads to self-improvement
- Recently announced new products available for the first quarter 2016 including a new line up of golf devices, fēnix® 3 HR with Garmin Elevate™ wrist heart rate technology, Varia Vision™ in-sight display, and the Garmin Drive™ line of PNDs
Highlights for the fiscal year include:
- Total revenue of $2,820 million with outdoor, fitness, aviation, and marine collectively growing 9% over 2014 and contributing 63% of total revenue
- Gross and operating margins were 54.6% and 19.5%, respectively
- Shipped approximately 16.2 million units, up 7% from prior year
- Pro forma EPS(1) of $2.49 for 2015
| (in thousands, | 13-Weeks Ended | 52-Weeks Ended | |||||||||||
| except per share data) | Dec 26, | Dec 27, | Yr over Yr | Dec 26, | Dec 27, | Yr over Yr | |||||||
| 2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||
| Net sales | $781,358 | $803,306 | -3% | $2,820,270 | $2,870,658 | -2% | |||||||
| Auto | 268,478 | 339,832 | -21% | 1,048,125 | 1,240,377 | -15% | |||||||
| Fitness | 228,740 | 201,303 | 14% | 661,599 | 568,440 | 16% | |||||||
| Outdoor | 123,627 | 116,432 | 6% | 425,150 | 427,555 | -1% | |||||||
| Aviation | 104,059 | 93,279 | 12% | 398,618 | 385,915 | 3% | |||||||
| Marine | 56,454 | 52,460 | 8% | 286,778 | 248,371 | 15% | |||||||
| Gross profit % | 52.9% | 53.6% | 54.6% | 55.9% | |||||||||
| Operating profit % | 18.7% | 21.9% | 19.5% | 24.1% | |||||||||
| GAAP diluted EPS | $0.70 | $1.09 | -36% | $2.39 | $1.88 | 27% | |||||||
| Pro forma diluted EPS (1) | $0.74 | $0.77 | -4% | $2.49 | $3.10 | -20% | |||||||
