SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — October 30, 2013 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal quarter ended September 28, 2013. Highlights in the quarter include:
- Total revenue of $644 million in third quarter 2013 with non-automotive/mobile segments of outdoor, fitness, aviation and marine delivering 50% of total revenues and growing 12% over the year ago quarter
- Operating margin of 24% with 65% of operating profit from non-automotive/mobile segments
- Introduced the VIRB™ and VIRB Elite action cameras, offering unique features available only through the integration with Garmin products and sensors
- Announced the Edge® Touring cycling computer and updates to our popular Forerunner® GPS running watches
- Generated $205 million of free cash flow in third quarter 2013
| (in thousands, | 13-Weeks Ended | 39-Weeks Ended | ||||||||||
| except per share data) | Sept 28, | Sept 29, | Yr over Yr | Sept 28, | Sept 29, | Yr over Yr | ||||||
| 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||
| Net sales | $643,637 | $672,376 | -4% | $1,872,156 | $1,947,127 | -4% | ||||||
| Automotive/Mobile | 322,520 | 384,393 | -16% | 919,810 | 1,055,786 | -13% | ||||||
| Outdoor | 101,350 | 105,572 | -4% | 284,372 | 283,230 | 0% | ||||||
| Aviation | 83,459 | 72,857 | 15% | 251,970 | 221,676 | 14% | ||||||
| Fitness | 81,007 | 64,788 | 25% | 237,660 | 217,815 | 9% | ||||||
| Marine | 55,301 | 44,766 | 24% | 178,344 | 168,620 | 6% | ||||||
| Gross profit % | 55% | 53% | 54% | 55% | ||||||||
| Operating profit % | 24% | 24% | 21% | 23% | ||||||||
|
Pro forma diluted EPS (1) |
$0.69 | $0.74 | -7% | $1.86 | $2.18 | -15% | ||||||
| Note: YTD 2012 results include one-time royalty fee benefit of $21 million recorded in second quarter 2012 impacting gross margin. |
| (1) See table on final page for reconciliation of GAAP EPS to pro forma diluted EPS |
