Stock Monitor: Dynasil Corp. of America Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free earnings report on Garmin Ltd (NASDAQ: GRMN), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GRMN. Garmin posted its financial results for first quarter of fiscal year 2018 (Q1 FY18) on May 02, 2018. The American multinational technology Company surpassed market estimates for revenue and earnings for first quarter 2018. Additionally, the Company maintained its guidance for fiscal 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the quarter ended March 31, 2018, Garmin reported record revenue of $710.9 million compared to $641.5 million in the first quarter 2017, increasing 10.8% on a y-o-y basis. The Company's revenue number in the reported quarter exceeded analysts' expectations of $668.8 million.
Garmin incurred cost of goods sold of $284.3 million in the reported quarter versus $268.7 million in the year ago comparable period. The Company's gross profit and gross margin advanced to $426.5 million and 60% respectively, in Q1 FY18 in contrast to $372.8 million and 58% in Q1 FY17.
In the reported quarter, Garmin's operating expenses increased 11% to $284.3 million versus $255.8 million in the year ago corresponding period. The Company's operating income scaled 21.5% to $142.2 million in Q1 FY18 compared to $117.0 million in Q1 FY17.
During Q1 FY18, Garmin's net income declined 45.7% to $129.4 million compared to $238.4 million in Q1 FY17. The Company reported diluted earnings per share (EPS) of $0.68 in Q1 FY18 in comparison to $1.26 in Q1 FY17, decreasing 46% on a y-o-y basis. The Company's adjusted EPS jumped 30.7% to $0.68 in the reported quarter compared to $0.52 per share the year ago same period, thus surpassing market estimates of $0.56 per share.
Garmin's Segments Details
Garmin operates through five segments: (i) Outdoor; (ii) Aviation; (iii) Marine; (iv) Auto; and (v) Fitness.
The Outdoor, Fitness, Marine, Auto and Aviation segments aggregated revenue of 20%, 23%, 16%, 20%, and 21%, respectively, in Q1 FY18 compared to 18%, 22%, 16%, 25%, and 19%, correspondingly, in Q1 FY17.
The Outdoor segment's revenue grew by 24% to $144.3 million in the reported quarter compared to $115.9 million in prior year's corresponding period, driven by significant contributions from demand of wearables. The segment's operating income increased to $43.8 million in Q1 FY18 versus $34.5 million in Q1 FY17.
The Aviation segment posted revenue growth of 19% to $145.7 million in Q1 FY18 compared to $122.9 million in Q1 FY17, primarily due to higher sales of aftermarket products and positive contributions from original equipment manufacturers (OEM) products. Operating income grew to $48.4 million in the reported quarter in comparison to $38.6 million in the year-ago corresponding period.
During Q1 FY18, the Marine segment added revenue of $113.6 million compared to $104.5 million in Q1 FY17, increasing 9% on a y-o-y basis. The segment's operating income declined to $13.1 million in the reported quarter versus $18.2 million in the comparable quarter last year.
The Auto segment recorded a revenue decline of 12% to $141.3 million in Q1 FY18 compared to $160.5 million in Q1 FY17, mainly due to the ongoing personal navigation device (PND) market contraction. The segment's operating income decreased to $3.5 million in the reported quarter in comparison to $7.4 million in year ago same quarter.
For Q1 FY18, the Fitness segment posted 20% growth in revenue of $166.0 million versus $137.8 million in Q1 FY17, primarily driven by our advanced GPS-enabled products. The segment's operating income increased to $33.4 million in the reported quarter compared $18.5 million in the year ago comparable period.
As of March 28, 2018, Garmin's cash and cash equivalents stood at $899.0 million compared to $891.5 million as of December 30, 2017. The Company generated net cash inflow from operating activities of $214.2 million in Q1 FY18 versus $120.4 million in Q1 FY17. In the reported quarter, the Company had free cash flow of $187.9 million compared to $94.9 million in the comparable quarter last year.
For FY18, Garmin upheld revenue guidance of $3.2 billion and pro-forma earnings of $3.05 per share.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, Garmin's stock was slightly up 0.76%, ending the trading session at $60.90.
Volume traded for the day: 711.91 thousand shares.
Stock performance in the last month – up 3.80%; previous three-month period – up 2.80%; past twelve-month period – up 16.87%; and year-to-date – up 2.23%
After yesterday's close, Garmin's market cap was at $12.06 billion.
Price to Earnings (P/E) ratio was at 19.60.
The stock has a dividend yield of 3.48%.
The stock is part of the Technology sector, categorized under the Scientific & Technical Instruments industry. This sector was up 0.9% at the end of the session.
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