SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 22, 2017 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal-year ended December 31, 2016.
Highlights for the fourth quarter 2016 include:
- Total revenue of $861 million, growing 10% over the prior year, with outdoor, fitness, marine and aviation collectively growing 25% over the prior year quarter and contributing 74% of total revenue
- Gross margin improved to 54.7% compared to 52.9% in the prior year quarter
- Operating margin of 18.6% compared to 18.7% in the prior year quarter
- Operating income growth of 10%
- GAAP EPS was $0.72 and pro forma EPS(1) of $0.73 for fourth quarter 2016
- Introduced the fēnix® 5 with three watch designs that are expected to appeal to a broader range of wrist sizes and style preferences
Highlights for the fiscal year 2016 include:
- Total revenue of $3,019 million growing 7% over the prior year, with outdoor, fitness, marine and aviation collectively growing 21% over the prior year and contributing 71% of total revenue
- Gross and operating margins of 55.6% and 20.7%, respectively, both improving from 2015 levels
- GAAP EPS was $2.70, a 13% improvement over the prior year, and pro forma EPS(1) was $2.83, a 14% improvement over the prior year
- Shipped approximately 16.8 million units, up 4% from the prior year and over 173 million since inception
- Connect IQ app store establishes itself with over 2,500 apps and over 24 million downloads since inception
| (in thousands, | 14-Weeks Ended | 13-Weeks Ended | 53-Weeks Ended | 52-Weeks Ended | ||||||||||||||||||||
| except per share data) | Dec 31, | Dec 26, | Yr over Yr | Dec 31, | Dec 26, | Yr over Yr | ||||||||||||||||||
| 2016 |
2015 (2) |
Change | 2016 |
2015 (2) |
Change | |||||||||||||||||||
| Net sales | $860,767 | $781,358 | 10 | % | $3,018,665 | $2,820,270 | 7 | % | ||||||||||||||||
| Outdoor | 175,397 | 119,884 | 46 | % | 546,326 | 411,184 | 33 | % | ||||||||||||||||
| Fitness | 274,052 | 228,740 | 20 | % | 818,486 | 661,599 | 24 | % | ||||||||||||||||
| Marine | 67,458 | 56,454 | 19 | % | 331,947 | 286,778 | 16 | % | ||||||||||||||||
| Aviation | 117,265 | 104,059 | 13 | % | 439,348 | 398,618 | 10 | % | ||||||||||||||||
| Auto | 226,595 | 272,221 | -17 | % | 882,558 | 1,062,091 | -17 | % | ||||||||||||||||
| Gross profit % | 54.7 | % | 52.9 | % | 55.6 | % | 54.6 | % | ||||||||||||||||
| Operating profit % | 18.6 | % | 18.7 | % | 20.7 | % | 19.5 | % | ||||||||||||||||
| GAAP diluted EPS | $0.72 | $0.70 | 3 | % | $2.70 | $2.39 | 13 | % | ||||||||||||||||
| Pro forma diluted EPS (1) | $0.73 | $0.74 | -1 | % | $2.83 | $2.49 | 14 | % | ||||||||||||||||
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(1) |
See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS |
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(2) |
Action camera related net sales for the 13-weeks and 52-weeks ended Dec 26, 2015 have been recast from the Outdoor segment to the Auto segment to conform to the current year presentation. |
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