=Garmin (GRMN) reported earnings on Wed 22 Feb 2017 (b/o)

Garmin beats by $0.15, beats on revs; guides FY17 EPS in-line, revs above consensus  :

• Reports Q4 (Dec) pro forma earnings of $0.73 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $0.58; revenues rose 10.2% year/year to $860.8 mln vs the $794.75 mln Capital IQ Consensus.
• Co issues guidance for FY17, sees EPS of $2.65 vs. $2.65 Capital IQ Consensus Estimate; sees FY17 revs of $3.02 bln vs. $2.97 bln Capital IQ Consensus Estimate.
• Gross margin improved to 54.7% compared to 52.9% in the prior year quarter. Operating margin of 18.6% compared to 18.7% in the prior year quarter.
• Operating income growth of 10%.
• Guidance Details: "We expect 2017 revenue of approximately $3.02 billion as growth in outdoor, fitness, marine and aviation is offset by ongoing declines in the PND market. We expect gross margins to be approximately 56%, relatively flat to the prior year. Operating margin is expected to be approximately 20%. With a pro forma expected tax rate of approximately 22%, we currently forecast 2017 pro forma EPS of approximately $2.65."