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Garmin Reports Third Quarter 2015 Results and Affirms Updated Guidance

28 October 2015 @ 6:00 AM  / Corporate / Earnings /

Schaffhausen, Switzerland / October 28, 2015/ Business Wire -- Garmin Ltd. (Nasdaq:  GRMN – News) today announced results for the quarter ended September 26, 2015. 

Summary items for the quarter and recent product announcements include:

  • Total revenue of $680 million in the third quarter of 2015 with fitness, outdoor, aviation and marine delivering 61% of total revenue
  • The relative strength of the US Dollar compared to other major currencies negatively impacted revenue by approximately $52 million, or 7%, in the third quarter of 2015
  • Gross and operating margins were 53% and 18.5%, respectively; gross margin was impacted by geographic revenue mix shifting toward countries with weaker currencies relative to the U.S. Dollar and lower average selling prices; operating margin was further impacted by strategic investments in R&D and advertising
  • Shipped approximately 3.9 million units in the quarter, a 4% increase over the year ago quarter
  • Pro forma EPS(1) of $0.51 for third quarter 2015
  • Announced new products available for the fourth quarter including fitness and wellness devices incorporating Garmin Elevate™ wrist-based heart rate technology and the babyCam™ serving a new product category

Download Q3 2015 Press Release FINAL

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