Garmin Reports Third Quarter 2011 Results with Strong EPS and Cash Flow; Increasing 2011 Guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — November 3, 2011 — Garmin Ltd. (Nasdaq: GRMN - news) today announced third quarter results for the period ended September 24, 2011.

Third Quarter 2011 Financial highlights:

  • Total revenue of $667 million, down 4% from $692 million in third quarter 2010 with four segments posting growth:
    • Outdoor segment revenue increased 5% to $95 million
    • Fitness segment revenue increased 29% to $69 million
    • Aviation segment revenue increased 18% to $71 million
    • Marine segment revenue increased 4% to $48 million
    • Automotive/Mobile segment revenue decreased 13% to $384 million
  • Geographically, EMEA (Europe, Middle East and Africa) contributed growth in third quarter 2011:
    • EMEA revenue was $258 million compared to $216 million, up 19%
    • Americas revenue was $352 million compared to $413 million, down 15%
    • APAC (Asia Pacific) revenue was $57 million compared to $63 million, down 10%
  • Units shipped decreased 9% year-over-year to 3.5 million units
  • Gross margin improved both sequentially and year-over-year to 52% in the current quarter compared to 48% in second quarter 2011 and 50% in third quarter 2010
  • Operating margin improved sequentially to 22% compared to 20% in second quarter of 2011 but declined on a year-over-year basis from 24% in third quarter 2010
  • Pro forma diluted earnings per share (EPS) increased 1% to $0.71 from $0.70 in the same quarter in 2010 (pro forma EPS excludes the impact of foreign currency transaction gain or loss and one-time tax adjustments); diluted EPS decreased to $0.77 from $1.43 in third quarter 2010 when a one-time tax adjustment added $0.59
  • Free cash flow generation of $174 million in third quarter 2011

Year-to-Date 2011 Financial highlights:

  • Total revenue of $1.85 billion was flat compared to the year ago period
    • Outdoor segment revenue increased 5% to $242 million
    • Fitness segment revenue increased 28% to $203 million
    • Aviation segment revenue increased 12% to $213 million
    • Marine segment revenue increased 10% to $179 million
    • Automotive/Mobile segment revenue decreased 9% to $1.01 billion
  • EMEA and APAC contributed revenue growth while the Americas declined:
    • EMEA revenue was $682 million compared to $588 million, up 16%
    • APAC revenue was $177 million compared to $155 million, up 14%
    • Americas revenue was $990 million compared to $1.11 billion, down 11%
  • Units shipped decreased 2% year-over-year to 9.7 million units
  • Gross margin decreased to 49% in 2011 compared to 52% in 2010
  • Operating margin decreased on a year-over-year basis to 19% compared to 24% in 2010
  • Pro forma diluted EPS decreased 8% to $1.77 from $1.91 in year-to-date 2010 (pro forma EPS excludes the impact of foreign currency transaction gain or loss and one-time tax adjustments); diluted EPS decreased to $1.82 from $2.27 in year-to-date 2010 when a one-time tax adjustment added $0.59
  • Free cash flow generation of $571 million year-to-date

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