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Garmin Reports Solid Third Quarter 2013 Results And Raises Full Year Outlook

Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal quarter ended September 28, 2013. Highlights in the quarter include:
  • Total revenue of $644 million in third quarter 2013 with non-automotive/mobile segments of outdoor, fitness, aviation and marine delivering 50% of total revenues and growing 12% over the year ago quarter
  • Operating margin of 24% with 65% of operating profit from non-automotive/mobile segments
  • Introduced the VIRB™ and VIRB Elite action cameras, offering unique features available only through the integration with Garmin products and sensors
  • Announced the Edge ® Touring cycling computer and updates to our popular Forerunner ® GPS running watches
  • Generated $205 million of free cash flow in third quarter 2013
(in thousands, 13-Weeks Ended 39-Weeks Ended
except per share data) Sept 28,   Sept 29,   Yr over Yr Sept 28,   Sept 29,   Yr over Yr
2013 2012 Change 2013 2012 Change
Net sales $643,637 $672,376 -4% $1,872,156 $1,947,127 -4%
Automotive/Mobile 322,520 384,393 -16% 919,810 1,055,786 -13%
Outdoor 101,350 105,572 -4% 284,372 283,230 0%
Aviation 83,459 72,857 15% 251,970 221,676 14%
Fitness 81,007 64,788 25% 237,660 217,815 9%
Marine 55,301 44,766 24% 178,344 168,620 6%
Gross profit % 55% 53% 54% 55%
Operating profit % 24% 24% 21% 23%

Pro forma diluted EPS (1)
$0.69 $0.74 -7% $1.86 $2.18 -15%
Note: YTD 2012 results include one-time royalty fee benefit of $21 million recorded in second quarter 2012 impacting gross margin.
(1) See table on final page for reconciliation of GAAP EPS to pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“Stronger than expected revenue performance continued in the third quarter with fitness and marine delivering exceptional growth,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “In addition, the gross and operating margins were strong as we effectively controlled operating expenses. This resulted in $0.69 of pro forma EPS. Given these third quarter results, we are increasing our full year pro forma EPS guidance to $2.40 - $2.45.”

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