Garmin Reports Fourth Quarter Results Highlighting EPS Growth and Revenue Growth in All Segments

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 22, 2012 — Garmin Ltd. (Nasdaq: GRMN) today announced fourth quarter results for the period ended December 31, 20111 delivering EPS growth and revenue growth across all reported segments.

Fourth Quarter 2011 Financial Summary:

  • Total revenue of $910 million, up 9% from $838 million in fourth quarter 2010, with each business segment contributing to growth:
    • Automotive/Mobile segment revenue increased 4% to $579 million
    • Outdoor segment revenue increased 35% to $121 million
    • Fitness segment revenue increased 17% to $95 million
    • Aviation segment revenue increased slightly to $72 million
    • Marine segment revenue increased 16% to $43 million
  • All geographies contributed at or above the levels of the previous year:
    • Americas revenue was $537 million, flat to the prior year
    • EMEA (Europe, Middle East and Africa) revenue was $301 million compared to $235 million, up 28%
    • APAC (Asia Pacific) revenue was $72 million compared to $66 million, up 9%
  • Gross margin increased to 48% compared to 45% in fourth quarter 2010
  • Operating margin was flat at 22% compared to fourth quarter 2010
  • Diluted earnings per share increased 25% to $0.85 from $0.68 in fourth quarter 2010; pro forma earnings per share increased 16% to $0.96 from $0.83 in the same quarter of 2010. (Pro forma earnings per share excludes the impact of foreign currency transaction gains or losses.)
  • Generated $213 million of free cash flow in fourth quarter 2011 for a cash and marketable securities balance of almost $2.5 billion.

Fiscal Year 2011 Financial Summary:

  • Total revenue of $2.76 billion, up 3% from $2.69 billion in 2010
    • Automotive/Mobile segment revenue decreased 5% to $1.59 billion
    • Outdoor segment revenue increased 14% to $363 million
    • Fitness segment revenue increased 24% to $298 million
    • Aviation segment revenue increased 9% to $285 million
    • Marine segment revenue increased 12% to $222 million
  • EMEA and APAC contributed growth while the Americas declined:
    • Americas revenue was $1.53 billion compared to $1.65 billion, down 7%
    • EMEA revenue was $983 million compared to $823 million, up 19%
    • APAC revenue was $248 million compared to $220 million, up 13%
  • Gross margin declined slightly to 49% compared to 50% in 2010
  • Operating margin declined to 20% from 24% in 2010
  • Effective normalized tax rate (excluding one-time tax adjustments) decreased to 10.8% in 2011 compared to 15.8% in 2010
  • Diluted earnings per share decreased 9% to $2.67 from $2.95 in fiscal year 2010 when a one-time tax adjustment added $0.50; pro forma EPS decreased 4% to $2.73 from $2.83 in fiscal year 2010. (Pro forma earnings per share excludes the impact of foreign currency transaction gains or losses and one-time tax adjustments.)
  • Generated over $784 million of free cash flow in 2011.

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