Garmin has announced results for the fourth quarter of 2017 and the company’s fiscal year ended December 30, 2017. For the full year Garmin reported total revenue of US$3,087 million, +2% year on year – with its outdoor, fitness, marine and aviation divisions collectively growing 9% over the prior year and contributing 76% of total revenue.
In Q4 2017, Garmin reported total revenue of US$888 million, +3% on the prior year quarter, with outdoor, fitness, marine and aviation collectively + 9% year on year, and contributing 78% of total revenue in the period.
Garmin’s Outdoor operation was the star performer in the year; up 16% in 2017 overall, and +28% year on year in Q4 2017. The company’s Fitness division (incorporating its main run and cycle devices) saw a 1% uplift in the full year 2017; although this annual performance was held back by a 7% drop in revenues in Q4 2017.
Highlights for fiscal year 2017 included:
- Overall, gross and operating margins of 57.8% and 21.7%, respectively, both improving from 2016 levels
- Operating income of US$669 million, representing 7% growth
- GAAP EPS (earnings per share) was US$3.68 and pro forma EPS was US$2.94
- Strong demand for the fēnix line of wearables reported, which ‘led to significant growth in our [Garmin’s outdoor] segment
- Connect IQ app store saw continued growth, with over 3,500 apps and over 45 million downloads since inception
- Garmin ranked #41 on Forbes’ “The Just 100: America’s Best Corporate Citizens” and ranked as one of the
- Global 2000 World’s Best Employers
