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:

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

1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
Featured Video
Jobs
Sr. Staff Design SSD ASIC Engineer for Toshiba America Electronic Components. Inc. at San Jose, CA
SOC Logic Design Engineer for Global Foundaries at Santa Clara, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Technical Support Engineer for EDA Careers at Freemont, CA
ASIC FPGA Verification Engineer for General Dynamics Mission Systems at Bloomington, MN
Senior DSP Architect / System Engineer for General Dynamics Mission Systems at Scottsdale, AZ
Upcoming Events
FPGA 2017 at 350 Calle Pincipal, Marriott Hotel Monterey CA - Feb 22 - 24, 2017
DVCon 2017 Conference at DoubleTree Hotel San Jose CA - Feb 27 - 2, 2017
IoT Summit 2017 at Great America ballroom, Santa Clara Convention Center Santa Clara CA - Mar 16 - 17, 2017
SNUG Silicon Valley 2017 at Santa Clara Convention Center Santa Clara CA - Mar 22 - 23, 2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy