Garmin Reports Second Quarter 2012 Results with Revenue and EPS Growth; Raises Full Year EPS Guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — August 1, 2012 — Garmin Ltd. (Nasdaq: GRMN - news) today announced results for the fiscal quarter ended June 30, 2012.

Second Quarter 2012 Financial Summary:

  • Total revenue of $718 million, up 7% from $674 million in second quarter 2011
    • Automotive/Mobile segment revenue increased 8% to $392 million
    • Outdoor segment revenue increased 24% to $100 million
    • Fitness segment revenue increased 5% to $82 million
    • Aviation segment revenue increased 4% to $76 million
    • Marine segment revenue decreased 14% to $68 million
  • Americas and EMEA (Europe, Middle East and Africa) posted revenue growth in the second quarter:
    • Americas revenue was $392 million compared to $358 million, up 9%
    • EMEA revenue was $269 million compared to $253 million, up 6%
    • APAC (Asia Pacific) revenue was $57 million compared to $63 million, down 9%
  • Gross margin improved both sequentially and year-over-year to 59% for second quarter 2012 from 51% in first quarter 2012 and 48% in second quarter 2011
  • Operating margin increased year-over-year to 28%, compared to 20% in second quarter 2011
  • Diluted earnings per share (EPS) increased 70% to $0.95 from $0.56 in second quarter 2011; pro forma diluted EPS increased 56% to $0.98 from $0.63 in the same quarter in 2011 (Pro forma earnings per share excludes the impact of foreign currency transaction gain or loss)
  • Generated $211 million of free cash flow in second quarter 2012

Note: In accordance with GAAP, the Company is deferring significant revenue and related costs associated with high margin sales of lifetime maps, connected services and premium traffic over their economic lives. A table outlining the impact of this net deferral in both 2012 and 2011 is included for reference. Results have not been adjusted unless specifically stated as such.

Year‐to‐Date 2012 Financial highlights:

  • Total revenue of $1.27 billion, up 8% from $1.18 billion year‐to‐date 2011
    • Automotive/Mobile segment revenue increased 7% to $671 million
    • Outdoor segment revenue increased 20% to $178 million
    • Fitness segment revenue increased 14% to $153 million
    • Aviation segment revenue increased 4% to $149 million
    • Marine segment revenue decreased 5% to $124 million
  • Americas and EMEA posted revenue growth:
    • Americas revenue was $688 million compared to $638 million, up 8%
    • EMEA revenue was $468 million compared to $424 million, up 10%
    • APAC revenue was $119 million compared to $120 million, down 1%
  • Gross margin increased to 55% in 2012 compared to 47% in 2011
  • Operating margin increased on a year‐over‐year basis to 23% compared to 17% in 2011
  • Diluted EPS increased 32% to $1.39 from $1.05 in year‐to‐date 2011; pro forma diluted EPS increased 35% to $1.43 from $1.06 in year‐to‐date 2011 (Pro forma EPS excludes the impact of foreign currency transaction gain or loss.)
  • Free cash flow generation of $328 million year‐to‐date

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