Garmin Ltd (GRMN)

[MCArmel1]

Garmin misses by $0.10, misses on revenue

Jul 29 2015, 07:03 ET | About: Garmin Ltd. (GRMN) | By: Jignesh Mehta, SA News Editor

Garmin (NASDAQ:GRMN): Q2 EPS of $0.72 misses by $0.10.
Revenue of $773.84M (-0.5% Y/Y) misses by $2.06M.
Press Release

http://seekingalpha.com/news/2666625-garmin-misses-by-0_10-misses-on-revenue?uprof=45#email_link


Garmin Reports Second Quarter 2015 Results and Updated 2015 Guidance
Wed July 29, 2015 7:00 AM|Business Wire | About: GRMN

SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin Ltd. (GRMN) today announced results for the quarter ended June 27, 2015.

Summary items for the quarter include:
• Total revenue of $774 million in the second quarter of 2015 with fitness, outdoor, aviation and marine delivering 61% of total revenue and collectively growing 11% over the year ago quarter
• The relative strength of the US Dollar compared to other major currencies negatively impacted revenue by approximately $59 million, or 8%, in the second quarter of 2015
• Gross and operating margins were 54% and 22%, respectively, and were impacted by unfavorable currency movements and the higher mix of promotional products sold during the quarter
• Shipped over 4 million units in the quarter, an 8% increase over the year ago quarter
• GAAP and pro forma EPS of $0.72 for second quarter 2015
• Launched the Forerunner® 225 with wrist-based heart rate monitoring, camera enabled nüvi® and dzl" models, and the Edge® 20/25, the worlds smallest GPS enabled bike computers

(in thousands, except per share data)
13-Weeks Ended 26-Weeks Ended

June 27,
June 28, Yr over Yr June 27, June 28, Yr over Yr
2015 2014 Change 2015 2014 Change
Net sales $773,830 $777,848 -1% $1,359,224 $1,361,069 0%
Auto 298,878 350,036 -15% 515,004 592,988 -13%
Fitness 158,649 150,678 5% 289,644 250,965 15%
Outdoor 110,324 106,059 4% 186,239 190,044 -2%
Aviation 102,266 97,295 5% 200,327 193,289 4%
Marine 103,713 73,780 41% 168,010 133,783 26%

Gross profit % 54% 57% 56% 57%

Operating profit % 22% 28% 20% 25%

GAAP diluted EPS $0.72 $0.93 -23% $1.07 $1.54 -31%
Pro forma diluted EPS (1) $0.72 $1.02 -29% $1.26 $1.57 -20%

(1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS


Executive Overview from Cliff Pemble, President and Chief Executive Officer:

Like many global companies, Garmin has experienced downward revenue and profit pressure due to recent unfavorable currency movements. In light of this reality, we feel positive about our first half revenue performance, said Cliff Pemble, president and chief executive officer (CEO) of Garmin Ltd. With our ongoing research and development efforts and exciting advertising plans, we believe that the foundation for long-term success is being established now.

More...

http://seekingalpha.com/pr/14231075-garmin-reports-second-quarter-2015-results-and-updated-2015-guidance