Highlights for the second quarter 2018 include:
Total revenue of $894 million, growing 8% over the prior year, with fitness, marine, aviation and outdoor collectively growing 17% over the prior year quarter and contributing 80% of total revenue
Gross margin of 58.5% compared to 58.2% in the prior year quarter
Operating margin of 24.3% compared to 25.2% in the prior year quarter
Operating income was $218 million, growing 4% over the prior year quarter
GAAP EPS was $1.00 and pro forma EPS(1) was $0.99
Launched the vívoactive® 3 music expanding our music offerings into the advanced wellness category
Introduced the new revolutionary Panoptix LiveScopeTM delivering the first and only live scanning sonar for recreational fishing
Launched the fenix® 5 Plus series of watches with built-in color maps, Garmin PayTM mobile payments, music storage and added Pulse Ox sensor technology for blood oxygen saturation awareness to the fenix 5X Plus
Executive Overview from Cliff Pemble, President and Chief Executive Officer:
“We achieved strong second quarter consolidated revenue growth led by robust double-digit growth in our fitness, marine and aviation segments,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We introduced revolutionary products and are pleased with our performance in the first half of 2018. The results we achieved thus far in 2018 give us confidence to raise our full year guidance, and we look forward to the remainder of the year.”
https://www8.garmin.com/aboutGarmin/invRelations/releases/2018_Q2_Press_Release.pdf
