Garmin reports second quarter revenue and earnings growth;

Garmin reports second quarter revenue and earnings growth; raises guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — August 2, 2017 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the second quarter ended July 1, 2017.

Highlights for the second quarter 2017 include:

Total revenue of $817 million, growing 1% over the prior year, with outdoor, aviation, marine and fitness collectively growing 8% over the prior year quarter and contributing 74% of total revenue
Gross margin improved to 58.5% compared to 57.0% in the prior year quarter
Operating margin improved to 24.9% compared to 24.7% in the prior year quarter
Operating income was $203 million, growing 1% over the prior year quarter
GAAP EPS was $0.91 and pro forma EPS⁽¹⁾ was $0.88
Strong demand for the highly anticipated fēnix® 5 watch series led to significant growth in our outdoor segment
Launched the VIRB® 360, our first immersive 360-degree 5.7K/30 fps spherical camera
Our Connect IQ store has delivered 17 million downloads to our customers in the past year bringing the total number of downloads since inception to over 30 million


(in thousands,	13-Weeks Ended						26-Weeks Ended
except per share data)	July 1,		June 25,		Yr over Yr		July 1,		June 25,		Yr over Yr
	2017		2016		Change		2017		2016		Change
Net sales	$816,885		$811,609		1	%	$1,455,431		$1,435,648		1	%
Outdoor	194,776		133,096		46	%	310,652		229,923		35	%
Aviation	124,060		108,331		15	%	246,931		214,647		15	%
Marine	108,545		111,599		-3	%	212,990		194,479		10	%
Fitness	181,022		212,855		-15	%	318,852		355,273		-10	%
Auto	208,482		245,728		-15	%	366,006		441,326		-17	%

Gross margin %	58.5	%	57.0	%			58.4	%	55.9	%

Operating income %	24.9	%	24.7	%			22.0	%	21.2	%

GAAP diluted EPS	$0.91		$0.85		7	%	$2.17		$1.31		65	%
Pro forma diluted EPS ⁽¹⁾	$0.88		$0.87		1	%	$1.40		$1.36		3	%

(1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS

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