Garmin Reports Solid First Quarter 2015 Margins and Operating Results

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — April 29, 2015 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the quarter ended March 28, 2015.

Highlights in the quarter include:

  • Total revenue of $585 million in the first quarter of 2015 with fitness, outdoor, aviation and marine delivering 63% of total revenue and collectively growing 9% over the year ago quarter
  • The relative strength of the US Dollar compared to other major currencies negatively impacted revenue by approximately $38 million, or 7%, in the first quarter of 2015
  • Gross margin improved from the prior year to 59% while operating margin remained strong at 19%
  • Pro forma EPS of $0.55 for first quarter 2015, consistent with the prior year
  • Launched vívofit™ 2, vívoactive™, and fēnix® 3, highlighting our continued commitment to a broad product portfolio in the rapidly growing wearables category
   
(in thousands, 13-Weeks Ended
except per share data) March 28,     March 29,     Yr over Yr
2015 2014 Change
Net sales $585,394 $583,221 0%
Auto 216,126 242,952 -11%
Fitness 130,994 100,288 31%
Outdoor 75,915 83,985 -10%
Aviation 98,062 95,994 2%
Marine 64,297 60,002 7%
 
Gross profit % 59% 57%
 
Operating profit % 19% 21%
 
GAAP diluted EPS $0.35 $0.61 -42%
Pro forma diluted EPS (1) $0.55 $0.55 0%
 
(1) See attached tables for reconciliation of non GAAP measures including pro forma
diluted EPS and free cash flow
 

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