Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal-year ended December 31, 2016.
Highlights for the fourth quarter 2016 include:
- Total revenue of $861 million, growing 10% over the prior year, with outdoor, fitness, marine and aviation collectively growing 25% over the prior year quarter and contributing 74% of total revenue
- Gross margin improved to 54.7% compared to 52.9% in the prior year quarter
- Operating margin of 18.6% compared to 18.7% in the prior year quarter
- Operating income growth of 10%
- GAAP EPS was $0.72 and pro forma EPS(1) of $0.73 for fourth quarter 2016
- Introduced the fēnix 5 with three watch designs that are expected to appeal to a broader range of wrist sizes and style preferences
Highlights for the fiscal year 2016 include:
- Total revenue of $3,019 million growing 7% over the prior year, with outdoor, fitness, marine and aviation collectively growing 21% over the prior year and contributing 71% of total revenue
- Gross and operating margins of 55.6% and 20.7%, respectively, both improving from 2015 levels
- GAAP EPS was $2.70, a 13% improvement over the prior year, and pro forma EPS(1) was $2.83, a 14% improvement over the prior year
- Shipped approximately 16.8 million units, up 4% from the prior year and over 173 million since inception
- Connect IQ app store establishes itself with over 2,500 apps and over 24 million downloads since inception
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