Garmin Ltd. reported revenues at its Fitness segment soared by 70 percent in the fourth quarter as consumers snatched up its fitness trackers, easily offsetting a decline at its maturing Outdoor segment.
Highlights for the fiscal year and quarter ended Dec. 27, 2014 include:
- Total revenue of $803 million in fourth quarter 2014 with non-automotive/mobile segments of outdoor, fitness, aviation and marine delivering 58 percent of total revenues
- Gross and operating margins of 54 percent and 22 percent, respectively
- Gained market share across a broad range of product categories including activity trackers and PNDs
Highlights for the fiscal year include:
- Total revenue of $2,871 million in 2014 with non-automotive/mobile segments of outdoor, fitness, aviation and marine growing a combined 23 percent over 2013 and contributing 57 percent of total revenue
- Gross and operating margins of 56 percent and 24 percent, respectively, improving from 2013 levels
- Continued diversification of revenue and profitability sources with new product categories, broadened offerings and grew market share
- Returned $602 million of cash to shareholders with quarterly dividends
totaling $360 million and share repurchases of $242 million
Garmin Ltd
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(in thousands, |
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13-Weeks Ended |
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52-Weeks Ended | ||||||||||||||||||
except per share data) |
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Dec 27, | Dec 28, |
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Yr over Yr |
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Dec 27, | Dec 28, |
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Yr over Yr | ||||||||||||
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2014 |
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2013 | Change |
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2014 |
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2013 | Change | ||||||||||||
Net sales |
|
$ |
803,306 |
|
|
$ |
759,694 |
|
|
6 |
% |
|
|
$ |
2,870,658 |
|
|
$ |
2,631,851 |
|
|
9 |
% |
Automotive/Mobile |
|
|
339,832 |
|
|
|
382,504 |
|
|
-11 |
% |
|
|
|
1,240,377 |
|
|
|
1,302,314 |
|
|
-5 |
% |
Fitness |
|
|
201,303 |
|
|
|
118,623 |
|
|
70 |
% |
|
|
|
568,440 |
|
|
|
356,283 |
|
|
60 |
% |
Outdoor |
|
|
116,432 |
|
|
|
126,617 |
|
|
-8 |
% |
|
|
|
427,555 |
|
|
|
410,989 |
|
|
4 |
% |
Aviation |
|
|
93,279 |
|
|
|
87,367 |
|
|
7 |
% |
|
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