Garmin Reports Strong Second Quarter 2013 Results and Maintains Full Year Outlook

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — July 31, 2013 — Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal quarter ended June 29, 2013. Highlights in the quarter include:

  • Total revenue of $697 million in second quarter 2013 with traditional segments of outdoor, fitness, aviation and marine delivering 51% of total revenues and growing 8% over the year ago quarter
  • Operating margin of 24% with 64% of operating profit from traditional segments
  • Continued to gain global market share in the PND industry
  • Introduced the Monterra™, an Android™ powered outdoor GPS, supporting 3rd party applications for outdoor professionals and enthusiasts
  • Announced the expansion of our relationships with Volkswagen and MINI, providing factory- or dealer-installed solutions for the compact car market
  • Generated $186 million of free cash flow in second quarter 2013
(in thousands,   13-Weeks Ended     26-Weeks Ended
except per share data) June 29,     June 30,     Yr over Yr June 29,     June 30,   Yr over Yr
2013 2012 Change 2013 2012 Change
Net sales $696,563 $718,154 -3% $1,228,520 $1,274,751 -4%
Automotive/Mobile 344,701 392,124 -12% 597,290 671,393 -11%
Outdoor 106,856 100,496 6% 183,022 177,659 3%
Aviation 88,042 75,932 16% 168,511 148,819 13%
Fitness 84,216 81,812 3% 156,653 153,026 2%
Marine 72,748 67,790 7% 123,044 123,854 -1%
 
Gross profit % 55% 59% 54% 55%
 
Operating profit % 24% 28% 20% 23%
 
Pro forma diluted EPS (1) $0.76 $0.98 -22% $1.16 $1.43 -19%
Note: 2012 results include one-time royalty fee benefit of $21 million impacting gross margin.
(1) See table on final page for reconciliation of GAAP EPS to Pro forma diluted EPS

1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
 Benteley: watch the keynotes

Autodesk University 2017

Featured Video
Jobs
Structural Engineer for Albert Kahn and Associates at Detroit, MI
ENVIRONMENTAL GRAPHIC DESIGNER for Blitz at San Francisco, CA
Vice President, Transportation Services for Associated General Contractors of New York State at Albany, NY
Structural Engineer for The Planate Management Group LLC at Perry Point, MD
Senior Mechanical Engineer for Albert Kahn and Associates at Detroit, MI
Upcoming Events
Commercial UAV Expo Americas at ME - Oct 24 - 26, 2017
Nor Cal Bentley BASH at 2134 Main St #160 Huntington Beach CA - Oct 27 - 28, 2017
Design-Build Conference & Expo at Pennsylvania Convention Center Philadelphia PA - Nov 8 - 10, 2017
2017 Texas Society of Architects at 500 E Cesar Chavez St, The Neal Kocurek Memorial Austin Convention Center Austin Texas - Nov 9 - 10, 2017
GRAPHISOFT: ARCHICAD download 30-day FREE trial
Bentley:YII2017
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise