SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 30, 2014 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the quarter ended June 28, 2014.
Highlights in the quarter include:
- Total revenue of $778 million in second quarter 2014 with fitness and aviation delivering significant growth of 79% and 11%, respectively
- Gross and operating profit margins improved from the prior year quarter to 57% and 28%, respectively
- Pro forma EPS growth of 34%; $1.02 for second quarter 2014 compared to $0.76 in the prior year
- Announced the acquisition of Fusion® Electronics, a leading supplier of integrated marine audio equipment, which was completed in third quarter 2014
- Generated $143 million of free cash flow in second quarter 2014
| (in thousands, | 13-Weeks Ended | 26-Weeks Ended | ||||||||||||||||||||||||||||||||||
| except per share data) | Jun 28, | Jun 29, | Yr over Yr | Jun 28, | Jun 29, | Yr over Yr | ||||||||||||||||||||||||||||||
| 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||||||||||||||
| Net sales | $ | 777,848 | $ | 696,563 | 12 | % | $ | 1,361,069 | $ | 1,228,520 | 11 | % | ||||||||||||||||||||||||
| Automotive/Mobile | 350,036 | 344,701 | 2 | % | 592,988 | 597,290 | -1 | % | ||||||||||||||||||||||||||||
| Fitness | 150,678 | 84,216 | 79 | % | 250,965 | 156,653 | 60 | % | ||||||||||||||||||||||||||||
| Outdoor | 106,059 | 106,856 | -1 | % | 190,044 | 183,022 | 4 | % | ||||||||||||||||||||||||||||
| Aviation | 97,295 | 88,042 | 11 | % | 193,289 | 168,511 | 15 | % | ||||||||||||||||||||||||||||
| Marine | 73,780 | 72,748 | 1 | % | 133,783 | 123,044 | 9 | % | ||||||||||||||||||||||||||||
| Gross profit % | 57 | % | 55 | % | 57 | % | 54 | % | ||||||||||||||||||||||||||||
| Operating profit % | 28 | % | 24 | % | 25 | % | 20 | % | ||||||||||||||||||||||||||||
| Pro forma diluted EPS (1) | $ | 1.02 | $ | 0.76 | 34 | % | $ | 1.57 | $ | 1.16 | 35 | % | ||||||||||||||||||||||||
| (1) See attached table for reconciliation of GAAP EPS to pro forma diluted EPS | ||||||||||||||||||||||||||||||||||||
