Garmin Reports Second Quarter 2011 Results with Continued Strong Cash Flow Generation

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — August 3, 2011 — Garmin Ltd. (Nasdaq: GRMN) today announced second quarter results for the period ended June 25, 2011.

Second Quarter 2011 Financial highlights:

  • Total revenue of $674 million, down 8% from $729 million in second quarter 2010 with four segments posting growth:
    • Automotive/Mobile segment revenue decreased 19% to $363 million
    • Outdoor segment revenue increased 1% to $81 million
    • Fitness segment revenue increased 25% to $78 million
    • Aviation segment revenue increased 13% to $73 million
    • Marine segment revenue increased 6% to $79 million
  • Geographically, both Europe and Asia contributed growth in second quarter 2011:
    • North America revenue was $358 million compared to $455 million, down 21%
    • Europe revenue was $253 million compared to $226 million, up 12%
    • Asia revenue was $63 million compared to $48 million, up 31%
  • Units shipped decreased 6% year-over-year to 3.8 million units
  • Gross margin improved sequentially and decreased year-over-year to 48% in the current quarter compared to 47% in first quarter 2011 and 54% in second quarter 2010
  • Operating margin declined on a year-over-year basis to 20% compared to 28% in second quarter 2010 but improved sequentially from 15% in first quarter of 2011
  • Diluted earnings per share (EPS) decreased 16% to $0.56 from $0.67 in second quarter 2010; pro forma diluted EPS decreased 26% to $0.63 from $0.85 in the same quarter in 2010. (Pro forma EPS excludes the impact of foreign currency transaction gain or loss.)
  • Free cash flow generation of $196 million in second quarter 2011

Year-to-Date 2011 Financial highlights:

  • Total revenue of $1.18 billion, up 2% from $1.16 billion year-to-date 2010
    • Automotive/Mobile segment revenue decreased 6% to $627 million
    • Outdoor segment revenue increased 6% to $147 million
    • Fitness segment revenue increased 27% to $134 million
    • Aviation segment revenue increased 9% to $142 million
    • Marine segment revenue increased 13% to $130 million
  • Europe and Asia contributed revenue growth while North America declined:
    • North America revenue was $638 million compared to $709 million, down 10%
    • Europe revenue was $424 million compared to $360 million, up 18%
    • Asia revenue was $120 million compared to $91 million, up 32%
  • Units shipped increased 2% year-over-year to 6.3 million units
  • Gross margin decreased to 47% in 2011 compared to 54% in 2010
  • Operating margin decreased on a year-over-year basis to 17% compared to 25% in 2010
  • Diluted EPS increased 22% to $1.05 from $0.86 in year-to-date 2010; pro forma diluted EPS decreased 14% to $1.06 from $1.23 in year-to-date 2010 (Pro forma EPS excludes the impact of foreign currency transaction gain or loss.)
  • Free cash flow generation of $397 million year-to-date

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