Garmin (GRMN) FY2016 results: revenue $3.0 billion, up 8.0% on the year
Garmin Ltd. (GRMN) reported revenue of $3.0 billion for fiscal 2016, the year ended 31 December 2016, up 8.0% on the year before. Net income was $518 million, up 13.5%, and diluted earnings per share $2.70. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2017.
Revenue
$3.0 billion
+8.0% on the year
FY2009FY2016
Operating margin
20.8%
19.5% a year earlier
FY2009FY2016
Net income
$518 million
+13.5% on the year
FY2009FY2016
Diluted EPS
$2.70
+13.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
3,046
2,820
2,871
+8.0%
Cost of revenue
1,357
1,282
1,266
+5.9%
Gross profit
1,689
1,539
1,604
+9.7%
Gross margin
55.4%
54.6%
55.9%
Research and development
468
427
395
+9.6%
Selling, general and administrative
411
395
372
+4.0%
Operating income
633
550
691
+15.2%
Operating margin
20.8%
19.5%
24.1%
Pre-tax income
639
567
724
+12.6%
Income tax
121
111
360
+9.0%
Effective tax rate
18.9%
19.6%
49.7%
Net income
518
456
364
+13.5%
Net margin
17.0%
16.2%
12.7%
Diluted EPS
$2.70
$2.39
$1.88
+13.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
706
280
523
+151.6%
Capital expenditure
91.0
80.6
73.3
+12.9%
Free cash flow
615
200
449
+207.6%
Free cash flow margin
20.2%
7.1%
15.7%
Cash from investing
-122
-112
n/a
Cash from financing
-562
-500
n/a
Depreciation and amortisation
70.1
58.4
56.8
+20.0%
Share-based compensation
41.2
26.3
24.3
+56.9%
Buybacks
93.2
131
242
-29.1%
Dividends paid
481
378
360
+27.3%
Dividend per share
n/a
n/a
$0.96
Shares outstanding at period end
188,565
189,722
191,815
-0.6%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
3,453
3,374
3,403
+2.4%
Debt
0.0
0.0
0.0
Other liabilities
1,072
1,126
1,290
-4.8%
Total liabilities and equity
4,525
4,499
4,693
+0.6%
Fixed assets
483
446
431
+8.2%
Goodwill
225
188
179
+19.6%
Investments
1,480
1,559
1,575
-5.0%
Cash and equivalents
847
833
1,196
+1.7%
Receivables
527
531
570
-0.8%
Inventory
485
501
420
-3.1%
Other assets
479
442
322
+8.3%
Total assets
4,525
4,499
4,693
+0.6%
10-K for the year ended 31 December 2016, filed 22 February 2017: the filing.