Garmin Reports Fourth Quarter Results with Increased Global Market Share and Significant Inventory Reduction

CAYMAN ISLANDS—(BUSINESS WIRE)—February 23, 2009— Garmin Ltd. (Nasdaq: GRMN) today announced fourth quarter results for the period ended December 27, 2008. Garmin has moved the earnings call to Monday, February 23, 2009 at 11:00 a.m. Eastern. Details regarding the call and webcast are available under the heading “Earnings Call Information.”

Fourth Quarter 2008 Financial Summary:

 
-- Total revenue of $1.048 billion, down 14% from $1.217 billion in fourth quarter 2007
-- Automotive/Mobile segment revenue decreased 17% to $828 million in fourth quarter 2008
-- Outdoor/Fitness segment revenue increased 5% to $120 million in fourth quarter 2008
-- Aviation segment revenue decreased 5% to $67 million in fourth quarter 2008
-- Marine segment revenue was flat at $33 million in fourth quarter 2008
-- All geographies slowed as poor economic conditions weighed on the business:

-- North America revenue was $761 million compared to $836 million, down 9%

-- Europe revenue was $251 million compared to $338 million, down 26%
-- Asia revenue was $36 million compared to $43 million, down 17%
-- Healthy gross margin of 41.1% compared to 44.3% in third quarter 2008 and 41.8% in fourth quarter 2007
-- Operating margin of 22.6% compared to 24.6% in third quarter 2008 and 25.7% in fourth quarter of 2007
-- Effective tax rate was 22.8% compared to 11.7% in fourth quarter 2007 resulting in a negative EPS impact of $0.11
-- Diluted earnings per share of $0.78 compared to $1.39 in fourth quarter 2007; excluding foreign exchange, EPS was $0.93 compared to $1.31 in the same quarter in 2007
-- Generated $340 million of free cash flow in the fourth quarter for a cash and marketable securities balance of just over $973 million
-- Significant inventory reduction from third quarter 2008 of $274 million resulting in year-end 2008 inventory of $425 million.

Fiscal Year 2008 Financial Summary:

 
-- Total revenue of $3.49 billion, up 10% from $3.18 billion in 2007
-- Automotive/Mobile segment revenue increased 8% to $2.54 billion in 2008
-- Outdoor/Fitness segment revenue increased 26% to $428 million in 2008
-- Aviation segment revenue increased 10% to $323 million in 2008
-- Marine segment revenue increased 1% to $204 million in 2008
-- All geographic areas experienced growth:
-- North America revenue was $2.34 billion compared to $2.07 billion, up 13%
-- Europe revenue was $1.01 billion compared to $969 million, up 5%
-- Asia revenue was $145 million compared to $144 million, up 1%
-- Solid 44.5% gross margin and 24.7% operating margin for the full year were better than expected
-- Generated $743 million of free cash flow with a debt-free balance sheet
-- Effective tax rate was 19.9% compared to 12.6% in 2007 resulting in a negative EPS impact of $0.31
-- Diluted earnings per share of $3.48 compared to $3.89 in 2007; excluding foreign exchange, EPS decreased 3% to $3.69 from $3.80 in 2007. Fiscal year EPS includes $0.27 related to a gain of $72 million from the sale and tender of our Tele Atlas N.V. shares.

1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
Trimble

Harris

Featured Video
Jobs
Mechanical Engineer I for Air Techniques, Inc at Melville, NY
Proposal Support Coordinator for Keystone Aerial Surveys at Philadelphia, PA
Upcoming Events
GIS Cloud Workshop In Syracuse, New York at Syracuse NY - Aug 22, 2017
ENVI Analytics Symposium 2017 at The Brown Palace Hotel & Spa Denver Colorado - Aug 22 - 24, 2017
GeoSmart Asia 2017 at Putrajaya International Convention Centre (PICC) Putrajaya Malaysia - Aug 22 - 24, 2017
GeoIntelligence Asia Pacific Forum 2017 at Putrajaya International Convention Centre Putrajaya Malaysia - Aug 23, 2017
GENEQ
Teledyne Optech
University of Denver GIS Masters Degree Online
Teledyne:
GeoSmartAsia
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 Policy