SCHAFFHAUSEN, Switzerland—Garmin Ltd. (Nasdaq: GRMN – News) today announced results for the third quarter ended September 24, 2016.
Highlights for the third quarter 2016 include:
- Total revenue of $722 million, growing 6% over the prior year, with fitness, outdoor, marine and aviation collectively growing 24% over the prior year quarter and contributing 70% of total revenue
- Gross margin expanded to 56.2% compared to 53.3% in the prior year quarter, and operating margin expanded to 22.1% compared to 18.5% in the prior year quarter
- GAAP EPS was $0.66, a 5% improvement over the prior year quarter, and pro forma EPS(1) was $0.75, a 47% improvement over the prior year quarter
- Launched new product categories with the vívofit® jr., our first wearable and companion mobile application designed for kids, and the fēnix® Chronos, a luxury activity watch crafted with premium materials
“The marine segment posted solid third quarter revenue growth of 12% driven by our strong lineup of chart plotters, fish finders, and entertainment systems,” said Cliff Pemble, president and chief executive officer (CEO) of Garmin Ltd. “Gross margin increased year-over-year to 57%, while operating margin improved to 15% resulting in operating income growth of 80%. For the second year in a row Garmin was recognized as the Manufacturer of the Year by the NMEA (National Marine Electronics Association), winning awards across a broad range of product categories. Garmin also received the prestigious IBEX award in the OEM Electronics category with our well received, FantomTM marine radar series.”
To read the full breakdown and see exact figures from Garmin, see their official release here.
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