Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.06
    +1.71 (+2.10%)
     
  • Gold

    2,240.60
    +27.90 (+1.26%)
     
  • Silver

    24.98
    +0.22 (+0.90%)
     
  • EUR/USD

    1.0791
    -0.0039 (-0.36%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2624
    -0.0014 (-0.11%)
     
  • USD/JPY

    151.3740
    +0.1280 (+0.08%)
     
  • Bitcoin USD

    70,761.23
    +1,864.15 (+2.71%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,168.07
    -594.66 (-1.46%)
     

Free Post Earnings Research Report: Garmin’s Revenue Scaled 10.8%; Earnings Soared 30.7%

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:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for Dynasil Corp. of America (NASDAQ: DYSL), which also belongs to the Technology sector as the Company Garmin. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=DYSL

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Garmin most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=GRMN

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.

Cash Matters

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.

Outlook

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.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visithttp://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors

Advertisement