Boston, MA 04/30/2014 (wallstreetpr) – Garmin Ltd. (NASDAQ:GRMN) announced first quarter results for the fiscal year 2014 with results surpassing analysts’ estimates.
The results for the financial year and first quarter, ended March 29, 2014, for Garmin Ltd. were better than expected as the company reported a 10% increase in revenue. This was on account of the increased sales of the company’s aviation and fitness equipment, which outdid the declining sales of its personal navigation equipment. Garmin once was the leader in the market for personal navigation devices.
Q1’14 Results
Garmin Ltd. (NASDAQ:GRMN) reported total revenue of as much as $583 million in the reported quarter. Of this, 58% revenue was earned from marine, aviation, fitness and outdoor devices. Its gross profit margins increased to 57% while operating profit margin improved 21%. Pro forma EPS growth was reported to be 38% or equivalently 55 cents in the first quarter of 2014.
The company net income increased to $118.8 million or equivalently $0.61 per share in the reported quarter. In the previous year’s first quarter, the company had recorded a net income of $88.7 million or 45 cents per share. According to Thomas Reuters I/B/E/S, analysts had, on average, forecasted income of 44 cents per share.
Aviation And Fitness Business
Garmin Ltd. (NASDAQ:GRMN) announced that its first fitness brand, vivofit™ contributed impressively in its growing activity monitor class. It announced sales in the fitness unit to increase by almost 38% to $100.3 million as compared to the same quarter of the last year. Garmin’s fitness business unit develops products including GPS enabled watches which keep count of calories as well as offer provisions of managing heart beats. Sales of the company’s aviation business unit, which makes products like audio panels, also surged 19% to $95.9 million.
It also announced the launch of G3X™ Touch, which is aimed at experimental and non-heavy sports aircraft industry, with five OEM partners.
Boston, MA 04/30/2014 (wallstreetpr) –
