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Garmin fiscal Q4 profit falls 28.8% YOY

Garmin Ltd. said its normalized net income for the fiscal fourth quarter ended Dec. 26, 2015, amounted to 46 cents per share, compared with the S&P Capital IQ consensus estimate of 48 cents per share.

EPS fell 27.9% year over year from 64 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $88.3 million, a decrease of 28.8% from $124.0 million in the year-earlier period.

The normalized profit margin declined to 11.3% from 15.4% in the year-earlier period.

Total revenue fell year over year to $781.4 million from $803.3 million, and total operating expenses climbed on an annual basis to $635.6 million from $627.3 million.

Reported net income decreased 37.0% year over year to $133.1 million, or 70 cents per share, from $211.2 million, or $1.10 per share.

For the year, the company's normalized net income totaled $1.82 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.25.

EPS declined 21.9% from $2.33 in the prior year.

Normalized net income was $347.4 million, a fall of 23.1% from $451.8 million in the prior year.

Full-year total revenue fell year over year to $2.82 billion from $2.87 billion, and total operating expenses grew on an annual basis to $2.27 billion from $2.18 billion.

The company said reported net income grew 25.1% year over year to $456.7 million, or $2.39 per share, in the full year, from $365.0 million, or $1.88 per share.