Garmin Ltd. (GRMN) has reported 169.96 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $237.81 million, or $1.26 a share in the quarter, compared with $88.09 million, or $0.46 a share for the same period last year.

Revenue during the quarter went up marginally by 2.32 percent to $638.55 million from $624.04 million in the previous year period. Gross margin for the quarter expanded 382 basis points over the previous year period to 58.28 percent. Total expenses were 81.78 percent of quarterly revenues, down from 83.37 percent for the same period last year. This has led to an improvement of 159 basis points in operating margin to 18.22 percent.

Operating income for the quarter was $116.34 million, compared with $103.80 million in the previous year period.

"We continued our trend of consolidated revenue growth led by double digit growth in our marine, outdoor and aviation segments," said Cliff Pemble, president and chief executive officer of Garmin Ltd. "The fitness segment declined slightly due to the rapidly maturing market for basic activity trackers. However, demand for advanced wearables remains strong. Our product development pipeline is robust and we look forward to launching compelling new products throughout the remainder of the year."

For fiscal year 2017, Garmin Ltd. expects revenue to be $3,020 million. 

The company has spent $13.28 million cash to meet investing activities during the quarter as against cash inflow of $8.63 million in the last year period.

The company has spent $127.35 million cash to carry out financing activities during the quarter as against cash outgo of $116.27 million in the last year period.

Cash and cash equivalents stood at $833.58 million as on Apr. 01, 2017, down 2.81 percent or $24.10 million from $857.68 million on Mar. 26, 2016.

Working capital increases
Garmin Ltd. has recorded an increase in the working capital over the last year. It stood at $1,585.45 million as at Apr. 01, 2017, up 9.46 percent or $137.04 million from $1,448.41 million on Mar. 26, 2016. Current ratio was at 3.77 as on Apr. 01, 2017, up from 3.13 on Mar. 26, 2016.

Cash conversion cycle (CCC) has decreased to 103 days for the quarter from 181 days for the last year period. Days sales outstanding went down to 66 days for the quarter compared with 69 days for the same period last year.

Days inventory outstanding has decreased to 91 days for the quarter compared with 163 days for the previous year period. At the same time, days payable outstanding went up to 54 days for the quarter from 51 for the same period last year.