SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — October 29, 2014 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the quarter ended September 27, 2014.
Highlights in the quarter include:
- Total revenue increased 10% to $706 million in third quarter 2014 with double digit growth in four of five reporting segments
- Gross and operating profit margins increased from the prior year quarter to 56% and 25%, respectively
- Operating income growth of $24 million, or 16%, to $176 million
- Executed the inter-company restructuring as announced in July 2014 resulting in additional tax expense of $308 million in the third quarter and contributing to a GAAP net loss per share of $0.76
- Pro forma EPS (1) growth of 10%; $0.76 for third quarter 2014 compared to $0.69 in the prior year
- Generated $202 million of free cash flow(1) in third quarter 2014
| (in thousands, | 13-Weeks Ended | 39-Weeks Ended | ||||||||||||||||||||||||
| except per share data) | Sep 27, | Sep 28, | Yr over Yr | Sep 27, | Sep 28, | Yr over Yr | ||||||||||||||||||||
| 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||||
| Net sales | $ | 706,283 | $ | 643,637 | 10% | $ | 2,067,352 | $ | 1,872,156 | 10% | ||||||||||||||||
| Automotive/Mobile | 307,558 | 322,520 | -5% | 900,545 | 919,810 | -2% | ||||||||||||||||||||
| Fitness | 116,171 | 81,007 | 43% | 367,137 | 237,660 | 54% | ||||||||||||||||||||
| Outdoor | 121,079 | 101,350 | 19% | 311,123 | 284,372 | 9% | ||||||||||||||||||||
| Aviation | 99,347 | 83,459 | 19% | 292,636 | 251,970 | 16% | ||||||||||||||||||||
| Marine | 62,128 | 55,301 | 12% | 195,911 | 178,344 | 10% | ||||||||||||||||||||
| Gross profit % | 56 | % | 55 | % | 57 | % | 54 | % | ||||||||||||||||||
| Operating profit % | 25 | % | 24 | % | 25 | % | 21 | % | ||||||||||||||||||
| GAAP diluted EPS | ($0.76 | ) | $ | 0.96 | NM | $ | 0.79 | $ | 2.29 | -66% | ||||||||||||||||
| Pro forma diluted EPS (1) | $ | 0.76 | $ | 0.69 | 10% | $ | 2.33 | $ | 1.86 | 25% | ||||||||||||||||
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(1) See attached tables for reconciliation of non GAAP measures including pro forma diluted EPS and free cash flow |
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