Highlights for the fourth quarter 2018 include:
Total revenue of $932 million, a 4% increase, with aviation, marine, outdoor and fitness collectively increasing 13% over the prior year quarter
Gross margin improved to 58.9% compared to 56.1% in the prior year quarter
Operating margin improved to 23.9% compared to 20.4% in the prior year quarter
Operating income of $223 million, representing 21% growth over the prior year
GAAP EPS was $1.00 and pro forma EPS(1) was $1.02 for fourth quarter 2018, representing growth of 26% over the prior year
Recently signed an agreement to acquire Tacx, a leading provider of indoor bike trainers
Launched our first marine chartplotters with a combined Garmin and Navionics® chart database, offering industry leading breadth and depth of coverage
Highlights for the fiscal year 2018 include:
Total revenue of $3,347 million, a 7% increase, with aviation, marine, outdoor and fitness collectively increasing 16% over the prior year
Gross margin improved to 59.1% compared to 57.6% in the prior year
Operating margin improved to 23.3% compared to 21.9% in the prior year
Operating income of $778 million, representing 14% growth over the prior year
GAAP EPS was $3.66 and pro forma EPS(1) was $3.69, representing 22% growth over the prior year
Launched new categories of innovative wearables including Instinct™, a GPS smartwatch that expands the market for adventure watches, and Descent™, a dive computer in a watch style design for recreational, technical and free divers
Expanded our portfolio of music compatible devices and integrated seven music providers into our Connect IQ™ app store including Spotify, Deezer and KKBOX
Shipped nearly 15 million units and over 205 million since inception, including over one million certified aviation products.
Completed the strategic acquisitions of FltPlan, a leading electronic flight planning and service provider, and Trigentic, a privately-held worldwide provider of marine electronic digital switching
Opened our new aviation manufacturing facility in Olathe, Kansas, more than doubling our North American manufacturing capacity
Executive Overview from Cliff Pemble, President and Chief Executive Officer:
“2018 was another remarkable year of revenue and operating income growth driven by strong performance in our aviation, marine, outdoor and fitness segments,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “Entering 2019, we see many opportunities ahead and believe that we are well positioned to seize these opportunities with a strong lineup of products across all of our segments.”
Garmin reports fiscal year 2018 revenue and strong operating income growth; proposes dividend increase | Garmin Newsroom
