Garmin Ltd. (GRMN) Tops Q1 EPS by 12c, Beats on Revenues; Offers FY18 EPS Outlook Below Consensus, FY18 Revenue Views In-Line

Garmin Ltd. (NASDAQ: GRMN) reported Q1 EPS of $0.68, $0.12 better than the analyst estimate of $0.56. Revenue for the quarter came in at $711 million versus the consensus estimate of $669.01 million.

Highlights for the first quarter 2018 include:

• Total revenue of $711 million, growing 11% over the prior year, with outdoor, fitness, aviation, and marine collectively growing 18% over the prior year quarter and contributing 80% of total revenue
• Gross margin improved to 60.0% compared to 58.1% in the prior year quarter
• Operating margin improved to 20.0% compared to 18.2% in the prior year quarter
• Operating income grew 22%
• GAAP and pro forma EPS(1) was $0.68
• Launched the G500H TXi, a new generation of touchscreen flight decks for helicopters
• Began shipping the Forerunner® 645M, our first GPS running watch with integrated music and Garmin Pay contactless payments
• Recently held our second annual Connect IQ™ Summit hosting developers from around the world

2018 Guidance:

We are maintaining our 2018 guidance for revenue of approximately $3.2 billion and pro forma EPS of $3.05

GUIDANCE:

Garmin Ltd. sees FY2018 EPS of $3.05, versus the consensus of $3.08 Garmin Ltd. sees FY2018 revenue of $3.2 billion, versus the consensus of $3.2 billion.

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

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