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Garmin Reports Strong Revenue & Pro Forma EPS Growth in Third Quarter 2014

29 October 2014 @ 6:00 AM  / Corporate / Earnings /

Schaffhausen, Switzerland / October 29, 2014/ Business Wire

Garmin Ltd. (Nasdaq:  GRMN – News) today announced results for the quarter ended September 27, 2014.

Highlights in the quarter include:

  • Total revenue increased 10% to $706 million in third quarter 2014 with double digit growth in four of five reporting segments
  • Gross and operating profit margins increased from the prior year quarter to 56% and 25%, respectively
  • Operating income growth of $24 million, or 16%, to $176 million
  • Executed the inter-company restructuring as announced in July 2014 resulting in additional tax expense of $308 million in the third quarter and contributing to a GAAP net loss per share of $0.76
  • Pro forma EPS (1) growth of 10%; $0.76  for third quarter 2014 compared to $0.69 in the prior year
  • Generated $202 million of free cash flow(1) in third quarter 2014 

Download Q3 2014 Press Release FINAL

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