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Garmin reports solid fiscal 2016 revenue and operating income growth

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 … Continued

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

View full press release here

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