Garmin Reports Strong Fiscal 2014 Revenue and Pro Forma EPS Growth; Proposes Dividend Increase and Announces Share Repurchase Plan

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 18, 2015 — Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the fiscal year and quarter ended December 27, 2014.

Highlights in the quarter include:

  • Total revenue of $803 million in fourth quarter 2014 with non-automotive/mobile segments of outdoor, fitness, aviation and marine delivering 58% of total revenues
  • Gross and operating margins of 54% and 22%, respectively
  • Gained market share across a broad range of product categories including activity trackers and PNDs

Highlights for the fiscal year include:

  • Total revenue of $2,871 million in 2014 with non-automotive/mobile segments of outdoor, fitness, aviation and marine growing a combined 23% over 2013 and contributing 57% of total revenue
  • Gross and operating margins of 56% and 24%, respectively, improving from 2013 levels
  • Continued diversification of revenue and profitability sources as we entered new product categories, broadened our range of offerings and grew market share
  • Returned $602 million of cash to shareholders with quarterly dividends totaling $360 million and share repurchases of $242 million
                   
(in thousands,   13-Weeks Ended     52-Weeks Ended
except per share data)   Dec 27,   Dec 28,   Yr over Yr     Dec 27,   Dec 28,   Yr over Yr
      2014       2013     Change       2014       2013     Change
Net sales   $ 803,306     $ 759,694     6 %     $ 2,870,658     $ 2,631,851     9 %
Automotive/Mobile     339,832       382,504     -11 %       1,240,377       1,302,314     -5 %
Fitness     201,303       118,623     70 %       568,440       356,283     60 %
Outdoor     116,432       126,617     -8 %       427,555       410,989     4 %
Aviation     93,279       87,367     7 %       385,915       339,337     14 %
Marine     52,460       44,583     18 %       248,371       222,928     11 %
                           
Gross profit %     54 %     52 %           56 %     53 %    
                           
Operating profit %     22 %     23 %           24 %     22 %    
                           
GAAP diluted EPS   $ 1.09     $ 0.83     31 %     $ 1.88     $ 3.12     -40 %
Pro forma diluted EPS (1)   $ 0.77     $ 0.76     1 %     $ 3.10     $ 2.62     18 %
                                               

(1) See attached tables for reconciliation of non GAAP measures including pro forma diluted EPS and free cash flow.

                                               

1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article
RELATED NEWS
Latest Blog Posts
    team ShareCG.com Registration is Open for New members
    June 8th, 2022 by team
    We just open ShareCG.com registration for new member. We still see high level of robot attempts, but we hope we address that issue. If not, we will close the registration and look for other solutions. Be ware that we are not supporting VPN, …
    Susan Smith HP Announces HP Z240 Tower and Z240 SFF Workstations
    October 2nd, 2015 by Susan Smith
    Jeff Wood - vice president, WW Product Management,  Workstation and Thin Client Business HP and Josh Peterson- director, WW Product Management,  Workstation and Thin Client Business , HP met with the press in a virtual press briefing prior to the …



© 2022 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise