Garmin Ltd. (GRMN) Tops Q1 EPS by 7c, Beats on Revenues; Maintains FY17 Guidance

Garmin Ltd. (NASDAQ: GRMN) reported Q1 EPS of $0.52, $0.07 better than the analyst estimate of $0.45. Revenue for the quarter came in at $639 million versus the consensus estimate of $629.03 million.

GUIDANCE:

Garmin Ltd. sees FY2017 EPS of $2.65, versus the consensus of $2.66. Garmin Ltd. sees FY2017 revenue of $3.02 billion, versus the consensus of $3.02 billion.

2017 Guidance:

We are maintaining our 2017 guidance of approximately $3.02 billion of revenue and approximately $2.65 of pro forma EPS.

Highlights for the first quarter 2017 include:

• Total revenue of $639 million, growing 2% over the prior year, with marine, outdoor, aviation and fitness collectively growing 12% over the prior year quarter and contributing 75% of total revenue
• Gross margin improved to 58.3% compared to 54.5% in the prior year quarter
• Operating margin improved to 18.2% compared to 16.6% in the prior year quarter
• Operating income grew 12%
• GAAP EPS was $1.26 and pro forma EPS(1) was $0.52
• Began shipping the highly anticipated fēnix® 5 adventure watch series, with three watch designs appealing to a broader range of wrist sizes and style preferences
• Launched the Forerunner 935 multisport watch, and introduced the vívosmart® 3 with all-day stress tracking

For earnings history and earnings-related data on Garmin Ltd. (GRMN) click here.

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