SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Garmin Ltd. (Nasdaq: GRMN) today announced results for the fourth quarter and fiscal year ended December 30, 2017.
Highlights for the fourth quarter 2017 include:
Total revenue of $888 million, growing 3% over the prior year quarter, with outdoor, fitness, marine and aviation collectively growing 9% over the prior year quarter and contributing 78% of total revenue
Gross margin improved to 56.2% compared to 54.7% in the prior year quarter
Operating margin improved to 20.2% compared to 18.6% in the prior year quarter
Operating income of $179 million, representing growth of 12%
GAAP EPS was $0.73 for the fourth quarter, representing growth of 2% and pro forma EPS(1) was $0.79 for fourth quarter 2017, representing growth of 9%
Delivered our one-millionth certified aviation product demonstrating our long history of innovation and contribution to the aviation industry
Began shipping our updated marine ECHOMAP™ and STRIKER™ products bringing connectivity to the water
Highlights for the fiscal year 2017 include:
Total revenue of $3,087 million, growing 2% over the prior year, with outdoor, fitness, marine and aviation collectively growing 9% over the prior year and contributing 76% of total revenue
Gross and operating margins of 57.8% and 21.7%, respectively, both improving from 2016 levels
Operating income of $669 million, representing 7% growth
GAAP EPS was $3.68 and pro forma EPS(1) was $2.94
Shipped over 15 million units and over 188 million since inception
Completed the acquisition of Navionics®S.p.A., a privately-held worldwide provider of electronic navigational charts and mobile applications for the marine industry
Strong demand for the fenix® line of wearables led to significant growth in our outdoor segment
Connect IQ™ app store continued growth with over 3,500 apps and over 45 million downloads since inception
Garmin ranked #41 on Forbes “The Just 100: America’s Best Corporate Citizens” and ranked as one of the Global 2000 World’s Best Employers
Garmin Reports Solid Fiscal 2017 Revenue and Operating Income Growth; Proposes Dividend Increase | Garmin Newsroom