Garmin (GRMN) FY2018 results: revenue $3.3 billion, up 7.2% on the year
Garmin Ltd. (GRMN) reported revenue of $3.3 billion for fiscal 2018, the year ended 29 December 2018, up 7.2% on the year before. Net income was $694 million, down 2.1%, and diluted earnings per share $3.66. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$3.3 billion
+7.2% on the year
FY2011FY2018
Operating margin
23.3%
21.9% a year earlier
FY2011FY2018
Net income
$694 million
-2.1% on the year
FY2011FY2018
Diluted EPS
$3.66
-2.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,347
3,122
3,046
+7.2%
Cost of revenue
1,368
1,324
1,357
+3.3%
Gross profit
1,980
1,798
1,689
+10.1%
Gross margin
59.1%
57.6%
55.4%
Research and development
568
512
468
+11.0%
Selling, general and administrative
478
438
411
+9.2%
Operating income
778
684
633
+13.9%
Operating margin
23.3%
21.9%
20.8%
Pre-tax income
823
697
639
+18.1%
Income tax
129
-11.9
121
Effective tax rate
15.7%
-1.7%
18.9%
Net income
694
709
518
-2.1%
Net margin
20.7%
22.7%
17.0%
Diluted EPS
$3.66
$3.76
$2.70
-2.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
920
661
706
+39.1%
Capital expenditure
156
140
91.0
+11.5%
Free cash flow
764
521
615
+46.6%
Free cash flow margin
22.8%
16.7%
20.2%
Cash from investing
-308
-195
-122
Cash from financing
-286
-448
-562
Depreciation and amortisation
86.6
80.8
70.1
+7.2%
Share-based compensation
56.4
44.7
41.2
+26.1%
Buybacks
n/a
74.5
93.2
Dividends paid
296
383
481
-22.7%
Dividend per share
$2.12
$1.53
n/a
+38.6%
Diluted shares, weighted
n/a
189m
n/a
Shares outstanding at period end
189,461
188m
188,565
-99.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,163
3,852
3,453
+8.1%
Debt
0.0
0.0
0.0
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
1,220
1,096
1,072
+11.3%
Total liabilities and equity
5,383
4,948
4,525
+8.8%
Fixed assets
664
596
483
+11.4%
Goodwill
301
287
225
+4.9%
Investments
1,513
1,422
1,480
+6.4%
Cash and equivalents
1,202
891
847
+34.8%
Receivables
570
591
527
-3.6%
Inventory
562
518
485
+8.5%
Other assets
572
644
479
-11.2%
Total assets
5,383
4,948
4,525
+8.8%
10-K for the year ended 29 December 2018, filed 19 February 2020: the filing.