SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — April 27, 2016 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the first quarter ended March 26, 2016.
Highlights in the quarter include:
- Total revenue of $624 million, growing 7% over the prior year, with outdoor, fitness, aviation and marine collectively growing 17% over the year ago quarter and contributing 69% of total revenue
- Gross and operating margins of 54.5% and 16.6%, respectively
- GAAP EPS of $0.46 and Pro forma EPS(1) of $0.49 for first quarter 2016
- Completed the acquisition of DeLorme, the pioneer of the inReach® series of affordable two-way satellite communication devices for the consumer adding both device and recurring service revenue to our outdoor segment
- Started shipments of recently announced activity trackers including the vívoactive® HR with Garmin Elevate™ wrist heart rate technology and the vívofit® 3 with an industry leading one year battery life
| (in thousands, | 13-Weeks Ended | ||||
| except per share data) | Mar 26, | Mar 28, | Yr over Yr | ||
| 2016 | 2015 (2) | Change | |||
| Net sales | $624,040 | $585,394 | 7% | ||
| Auto | 195,599 | 219,226 | -11% | ||
| Fitness | 142,418 | 130,994 | 9% | ||
| Outdoor | 96,827 | 72,815 | 33% | ||
| Aviation | 106,316 | 98,062 | 8% | ||
| Marine | 82,880 | 64,297 | 29% | ||
| Gross profit % | 54.5% | 58.8% | |||
| Operating profit % | 16.6% | 19.1% | |||
| GAAP diluted EPS | $0.46 | $0.35 | 31% | ||
| Pro forma diluted EPS (1) | $0.49 | $0.55 | -11% | ||
| (1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS | |||||
| (2) Action camera related net sales for the 13-weeks ended March 28, 2015 have been recast from the | |||||
| Outdoor segment to the Auto segment to conform to the current year presentation. | |||||
