Garmin (GRMN) FY2014 results: revenue $2.9 billion, up 9.1% on the year
Garmin Ltd. (GRMN) reported revenue of $2.9 billion for fiscal 2014, the year ended 27 December 2014, up 9.1% on the year before. Net income was $364 million, down 40.5%, and diluted earnings per share $1.88. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2015.
Revenue
$2.9 billion
+9.1% on the year
FY2007FY2014
Operating margin
24.1%
21.8% a year earlier
FY2007FY2014
Net income
$364 million
-40.5% on the year
FY2007FY2014
Diluted EPS
$1.88
-39.7% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,871
2,632
2,716
+9.1%
Cost of revenue
1,266
1,225
1,277
+3.4%
Gross profit
1,604
1,407
1,438
+14.0%
Gross margin
55.9%
53.5%
53.0%
Research and development
395
365
326
+8.3%
Selling, general and administrative
372
355
370
+4.7%
Operating income
691
574
604
+20.3%
Operating margin
24.1%
21.8%
22.2%
Pre-tax income
724
654
625
+10.7%
Income tax
360
41.1
82.1
+773.8%
Effective tax rate
49.7%
6.3%
13.1%
Net income
364
612
542
-40.5%
Net margin
12.7%
23.3%
20.0%
Diluted EPS
$1.88
$3.12
$2.76
-39.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
523
630
685
-17.0%
Capital expenditure
73.3
56.1
38.4
+30.8%
Free cash flow
449
574
646
-21.7%
Free cash flow margin
15.7%
21.8%
23.8%
Cash from investing
n/a
n/a
-496
Cash from financing
n/a
n/a
-250
Depreciation and amortisation
56.8
66.3
74.1
-14.4%
Share-based compensation
24.3
22.6
29.3
+7.5%
Buybacks
242
58.4
18.7
+313.5%
Dividends paid
360
352
253
+2.4%
Dividend per share
$0.96
$0.90
$0.90
+6.7%
Diluted shares, weighted
n/a
196m
196m
Shares outstanding at period end
191,815
195m
196m
-99.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,403
3,660
3,532
-7.0%
Debt
0.0
0.0
0.0
Other liabilities
1,290
1,220
1,287
+5.7%
Total liabilities and equity
4,693
4,880
4,819
-3.8%
Fixed assets
431
415
410
+3.9%
Goodwill
179
179
176
-0.4%
Investments
1,575
1,652
1,641
-4.6%
Cash and equivalents
1,196
1,179
1,231
+1.5%
Receivables
570
565
604
+1.0%
Inventory
420
382
390
+10.0%
Other assets
322
508
367
-36.7%
Total assets
4,693
4,880
4,819
-3.8%
10-K for the year ended 27 December 2014, filed 18 February 2015: the filing.