Garmin (GRMN) FY2017 results: revenue $3.1 billion, up 2.5% on the year
Garmin Ltd. (GRMN) reported revenue of $3.1 billion for fiscal 2017, the year ended 30 December 2017, up 2.5% on the year before. Net income was $709 million, up 36.9%, and diluted earnings per share $3.76. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2018.
Revenue
$3.1 billion
+2.5% on the year
FY2010FY2017
Operating margin
21.9%
20.8% a year earlier
FY2010FY2017
Net income
$709 million
+36.9% on the year
FY2010FY2017
Diluted EPS
$3.76
+39.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
3,122
3,046
2,820
+2.5%
Cost of revenue
1,324
1,357
1,282
-2.5%
Gross profit
1,798
1,689
1,539
+6.5%
Gross margin
57.6%
55.4%
54.6%
Research and development
512
468
427
+9.3%
Selling, general and administrative
438
411
395
+6.7%
Operating income
684
633
550
+8.0%
Operating margin
21.9%
20.8%
19.5%
Pre-tax income
697
639
567
+9.2%
Income tax
-11.9
121
111
Effective tax rate
-1.7%
18.9%
19.6%
Net income
709
518
456
+36.9%
Net margin
22.7%
17.0%
16.2%
Diluted EPS
$3.76
$2.70
$2.39
+39.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
661
706
280
-6.4%
Capital expenditure
140
91.0
80.6
+53.6%
Free cash flow
521
615
200
-15.2%
Free cash flow margin
16.7%
20.2%
7.1%
Cash from investing
-195
-122
-112
Cash from financing
-448
-562
-500
Depreciation and amortisation
80.8
70.1
58.4
+15.2%
Share-based compensation
44.7
41.2
26.3
+8.4%
Buybacks
74.5
93.2
131
-20.1%
Dividends paid
383
481
378
-20.5%
Dividend per share
$1.53
n/a
n/a
Diluted shares, weighted
189m
n/a
n/a
Shares outstanding at period end
188m
188,565
189,722
+99,700.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
3,852
3,453
3,374
+11.6%
Debt
0.0
0.0
0.0
Other liabilities
1,096
1,072
1,126
+2.2%
Total liabilities and equity
4,948
4,525
4,499
+9.4%
Fixed assets
596
483
446
+23.4%
Goodwill
287
225
188
+27.8%
Investments
1,422
1,480
1,559
-4.0%
Cash and equivalents
891
847
833
+5.3%
Receivables
591
527
531
+12.1%
Inventory
518
485
501
+6.8%
Other assets
644
479
442
+34.5%
Total assets
4,948
4,525
4,499
+9.4%
10-K for the year ended 30 December 2017, filed 21 February 2018: the filing.