Garmin Reports Third Quarter 2012 Results with Growth in Revenue, Operating Margin and EPS; Raises Full Year EPS Guidance

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — October 31, 2012 — Garmin Ltd. (Nasdaq: GRMN - news) today announced results for the fiscal quarter ended September 29, 2012.

Third Quarter 2012 Financial Summary:

  • Total revenue of $672 million, up 1% from $667 million in third quarter 2011
    • Automotive/Mobile segment revenue was flat at $384 million
    • Outdoor segment revenue increased 11% to $105 million
    • Fitness segment revenue decreased 6% to $65 million
    • Aviation segment revenue increased 3% to $73 million
    • Marine segment revenue decreased 7% to $45 million
  • Americas and APAC (Asia Pacific) posted revenue growth in the third quarter:
    • Americas revenue was $380 million compared to $352 million, up 8%
    • EMEA (Europe, Middle East and Africa) revenue was $225 million compared to $258 million, down 13%
    • APAC revenue was $67 million compared to $57 million, up 19%
  • Gross margin improved year-over-year to 53% for third quarter 2012 from 52% in third quarter 2011
  • Operating margin increased year-over-year to 24%, compared to 22% in third quarter 2011
  • Pro forma diluted earnings per share (EPS) increased 4% to $0.74 from $0.71 in third quarter 2011; diluted EPS decreased 6% to $0.72 from $0.77 in the same quarter in 2011 (Pro forma EPS excludes the impact of foreign currency transaction gain or loss)
  • Generated $155 million of free cash flow in third 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 $1.95 billion, up 5% from $1.85 billion year‐to‐date 2011
    • Automotive/Mobile segment revenue increased 4% to $1.06 billion
    • Outdoor segment revenue increased 17% to $283 million
    • Fitness segment revenue increased 7% to $218 million
    • Aviation segment revenue increased 4% to $222 million
    • Marine segment revenue decreased 6% to $169 million
  • All geographies have posted revenue growth:
    • Americas revenue was $1.07 billion compared to $990 million, up 8%
    • EMEA revenue was $693 million compared to $682 million, up 2%
    • APAC revenue was $186 million compared to $177 million, up 5%
  • Gross margin increased to 55% in 2012 compared to 49% in 2011
  • Operating margin increased on a year‐over‐year basis to 23% compared to 19% in 2011
  • Pro forma diluted EPS increased 23% to $2.18 from $1.77 in year‐to‐date 2011; diluted EPS increased 16% to $2.11 from $1.82 in year‐to‐date 2011 (Pro forma EPS excludes the impact of foreign currency transaction gain or loss.)
  • Generated $483 million of free cash flow year-to-date

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