Looks like they are replacing the PND revenue stream with fitness devices!
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Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal-year ended December 31, 2016.
Highlights for the fourth quarter 2016 include:
-- Total revenue of $861 million, growing 10% over the prior year, with
outdoor, fitness, marine and aviation collectively growing 25% over the
prior year quarter and contributing 74% of total revenue
-- Gross margin improved to 54.7% compared to 52.9% in the prior year
quarter
-- Operating margin of 18.6% compared to 18.7% in the prior year quarter
-- Operating income growth of 10%
-- GAAP EPS was $0.72 and pro forma EPS(1) of $0.73 for fourth quarter 2016
-- Introduced the fēnix(R) 5 with three watch designs that are expected
to appeal to a broader range of wrist sizes and style preferences
Looks like they are replacing the PND revenue stream with fitness devices!
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Garmin Ltd. (Nasdaq: GRMN) today announced results for the fiscal-year ended December 31, 2016.
Highlights for the fourth quarter 2016 include:
-- Total revenue of $861 million, growing 10% over the prior year, with
outdoor, fitness, marine and aviation collectively growing 25% over the
prior year quarter and contributing 74% of total revenue
-- Gross margin improved to 54.7% compared to 52.9% in the prior year
quarter
-- Operating margin of 18.6% compared to 18.7% in the prior year quarter
-- Operating income growth of 10%
-- GAAP EPS was $0.72 and pro forma EPS(1) of $0.73 for fourth quarter 2016
-- Introduced the fēnix(R) 5 with three watch designs that are expected
to appeal to a broader range of wrist sizes and style preferences