Garmin Reports Second Quarter Revenue, Unit Volume and Pro Forma EPS Growth

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — August 4, 2010 — Garmin Ltd. (Nasdaq: GRMN) today announced second quarter results for the period ended June 26, 2010.

Second Quarter 2010 Financial highlights:

  • Total revenue of $729 million, up 9% from $669 million in second quarter 2009 with all segments posting growth:
    • Automotive/Mobile segment revenue increased 2% to $447 million
    • Outdoor/Fitness segment revenue increased 32% to $143 million
    • Aviation segment revenue increased 1% to $65 million
    • Marine segment revenue increased 23% to $74 million
  • All geographies contributed growth in second quarter 2010:
    • North America revenue was $455 million compared to $436 million, up 4%
    • Europe revenue was $226 million compared to $198 million, up 14%
    • Asia revenue was $48 million compared to $35 million, up 37%
  • Units shipped increased 8% year-over-year to 4.0 million units.
  • Gross margin was stable at 54% in the current quarter compared to 53% in second quarter 2009 and 54% in first quarter 2010
  • Operating margin declined slightly on a year-over-year basis to 28% compared to 30% in second quarter 2009 but improved sequentially from 19% in first quarter of 2010
  • Diluted earnings per share (EPS) decreased 17% to $0.67 from $0.81 in second quarter 2009; pro forma diluted EPS increased 2% to $0.85 from $0.83 in the same quarter in 2009. (Pro forma EPS excludes the impact of foreign currency transaction gain or loss.)
  • Free cash flow generation of $172 million in second quarter 2010 and payment of the 2010 annual dividend of $1.50 per share for a cash and marketable securities balance of over $1.8 billion.

Year-to-Date 2010 Financial highlights:

  • Total revenue of $1.16 billion, up 5% from $1.11 billion year-to-date 2009
    • Automotive/Mobile segment revenue decreased 4% to $668 million
    • Outdoor/Fitness segment revenue increased 30% to $245 million
    • Aviation segment revenue increased 6% to $131 million
    • Marine segment revenue increased 18% to $116 million
  • All geographic areas contributed revenue growth:
    • North America revenue was $709 million compared to $702 million, up 1%
    • Europe revenue was $360 million compared to $340 million, up 6%
    • Asia revenue was $91 million compared to $64 million, up 42%
  • Gross margin increased to 54% in 2010 compared to 50% in 2009
  • Operating margin increased on a year-over-year basis to 25% compared to 23% in 2009
  • Diluted EPS decreased 18% to $0.86 from $1.05 in year-to-date 2009; pro forma diluted EPS increased 14% to $1.23 from $1.08 in year-to-date 2009. (Pro forma EPS excludes the impact of foreign currency transaction gain or loss.)
  • Free cash flow generation of $369 million year-to-date.

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