Garmin Reports Fourth Quarter Results Highlighting EPS Growth and Revenue Growth in All Segments

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 22, 2012 — Garmin Ltd. (Nasdaq: GRMN) today announced fourth quarter results for the period ended December 31, 20111 delivering EPS growth and revenue growth across all reported segments.

Fourth Quarter 2011 Financial Summary:

  • Total revenue of $910 million, up 9% from $838 million in fourth quarter 2010, with each business segment contributing to growth:
    • Automotive/Mobile segment revenue increased 4% to $579 million
    • Outdoor segment revenue increased 35% to $121 million
    • Fitness segment revenue increased 17% to $95 million
    • Aviation segment revenue increased slightly to $72 million
    • Marine segment revenue increased 16% to $43 million
  • All geographies contributed at or above the levels of the previous year:
    • Americas revenue was $537 million, flat to the prior year
    • EMEA (Europe, Middle East and Africa) revenue was $301 million compared to $235 million, up 28%
    • APAC (Asia Pacific) revenue was $72 million compared to $66 million, up 9%
  • Gross margin increased to 48% compared to 45% in fourth quarter 2010
  • Operating margin was flat at 22% compared to fourth quarter 2010
  • Diluted earnings per share increased 25% to $0.85 from $0.68 in fourth quarter 2010; pro forma earnings per share increased 16% to $0.96 from $0.83 in the same quarter of 2010. (Pro forma earnings per share excludes the impact of foreign currency transaction gains or losses.)
  • Generated $213 million of free cash flow in fourth quarter 2011 for a cash and marketable securities balance of almost $2.5 billion.

Fiscal Year 2011 Financial Summary:

  • Total revenue of $2.76 billion, up 3% from $2.69 billion in 2010
    • Automotive/Mobile segment revenue decreased 5% to $1.59 billion
    • Outdoor segment revenue increased 14% to $363 million
    • Fitness segment revenue increased 24% to $298 million
    • Aviation segment revenue increased 9% to $285 million
    • Marine segment revenue increased 12% to $222 million
  • EMEA and APAC contributed growth while the Americas declined:
    • Americas revenue was $1.53 billion compared to $1.65 billion, down 7%
    • EMEA revenue was $983 million compared to $823 million, up 19%
    • APAC revenue was $248 million compared to $220 million, up 13%
  • Gross margin declined slightly to 49% compared to 50% in 2010
  • Operating margin declined to 20% from 24% in 2010
  • Effective normalized tax rate (excluding one-time tax adjustments) decreased to 10.8% in 2011 compared to 15.8% in 2010
  • Diluted earnings per share decreased 9% to $2.67 from $2.95 in fiscal year 2010 when a one-time tax adjustment added $0.50; pro forma EPS decreased 4% to $2.73 from $2.83 in fiscal year 2010. (Pro forma earnings per share excludes the impact of foreign currency transaction gains or losses and one-time tax adjustments.)
  • Generated over $784 million of free cash flow in 2011.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10  Next Page »



Review Article Be the first to review this article

Harris

Featured Video
Jobs
GIS Software Developer for UDC at Englewood, CO
GIS Analyst for G2 Partners LLC at San Ramon, CA
Architectural Designer for Champion Home Builders at Troy, MI
Vice President, Transportation Services for Associated General Contractors of New York State at Albany, NY
Upcoming Events
GIS-PRO 2017 at Jacksonville FL - Oct 23 - 26, 2017
GEO WEEK 2017 at Washington DC - Oct 23 - 27, 2017
Commercial UAV EXPO Americas at The Westgate Resort Las Vegas NV - Oct 24 - 26, 2017
6th International Colloquium on Scientific and Fundamental Aspects of GNSS / Galileo at Technical University of Valencia Valencia Spain - Oct 25 - 27, 2017
Teledyne Optech
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise