Revenue during the quarter grew 10.16 percent to $860.77 million from $781.36 million in the previous year period. Gross margin for the quarter expanded 182 basis points over the previous year period to 54.69 percent. Total expenses were 81.43 percent of quarterly revenues, up from 81.35 percent for the same period last year. That has resulted in a contraction of 9 basis points in operating margin to 18.57 percent.

Operating income for the quarter was $159.82 million, compared with $145.76 million in the previous year period.

"2016 was a remarkable year of growth driven by strong sales in our outdoor, fitness, marine, and aviation segments," said Cliff Pemble, president and Chief Executive Officer of Garmin Ltd. "Entering 2017, we see additional growth opportunities ahead and we are well positioned to seize these opportunities with a strong lineup of great products."

For fiscal year 2017, Garmin Ltd. expects revenue to be $3,020 million. The company projects operating income to grow at 20 percent. It expects Pro Forma diluted earnings per share to be $2.65.

Operating cash flow improves significantly
Garmin Ltd. has generated cash of $705.68 million from operating activities during the year, up 151.61 percent or $425.22 million, when compared with the last year.

The company has spent $121.54 million cash to meet investing activities during the year as against cash outgo of $111.98 million in the last year. It has incurred net capital expenditure of $96 million on net basis during the year, up 25.39 percent or $19.44 million from year ago.

The company has spent $561.68 million cash to carry out financing activities during the year as against cash outgo of $500.09 million in the last year period.

Cash and cash equivalents stood at $846.88 million as on Dec. 31, 2016, up 1.66 percent or $13.81 million from $833.07 million on Dec. 26, 2015.

Working capital increases
Garmin Ltd. has recorded an increase in the working capital over the last year. It stood at $1,480.28 million as at Dec. 31, 2016, up 10.05 percent or $135.19 million from $1,345.09 million on Dec. 26, 2015. Current ratio was at 2.89 as on Dec. 31, 2016, up from 2.55 on Dec. 26, 2015.

Cash conversion cycle (CCC) has decreased to 69 days for the quarter from 71 days for the last year period. Days sales outstanding were almost stable at 30 days for the quarter, when compared with the last year period.

Days inventory outstanding was almost stable at 61 days for the quarter, when compared with the last year period. At the same time, days payable outstanding was almost stable at 22 days for the quarter, when compared with the previous year period.