Garmin Reports 2012 Results; Initiates $300 Million Share Repurchase Program

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 20, 2013 — Garmin Ltd. (Nasdaq: GRMN) today announced fourth quarter and full year results for the period ended December 29, 2012.

Fourth Quarter 2012 Financial Summary:

  • Total revenue of $769 million, down 16% from $910 million in fourth quarter 2011:
    • Automotive/Mobile segment revenue decreased 25% to $437 million
    • Outdoor segment revenue decreased 2% to $119 million
    • Fitness segment revenue increased 10% to $104 million
    • Aviation segment revenue decreased 2% to $70 million
    • Marine segment revenue decreased 9% to $39 million
  • Geographically, revenues decreased in all regions compared to fourth quarter 2011:
    • Americas revenue was $445 million compared to $537 million, down 17%
    • EMEA revenue was $253 million compared to $301 million, down 16%
    • APAC revenue was $71 million compared to $72 million, down 1%
  • Gross margin increased to 49% compared to 48% in fourth quarter 2011
  • Operating margin decreased to 19% compared to 22% in fourth quarter 2011
  • Diluted EPS decreased 22% to $0.66 from $0.85 in fourth quarter 2011; pro forma EPS decreased 29% to $0.68 from $0.96 in the same quarter of 2011. (Pro forma EPS excludes the impact of foreign currency transaction gains or losses.)
  • Effective tax rate increased to 16.5% from 10.6% in fourth quarter 2011
  • Generated $163 million of free cash flow in fourth quarter 2012.

Fiscal Year 2012 Financial Summary:

  • Total revenue of $2.72 billion, down 2% from $2.76 billion in 2011
    • Automotive/Mobile segment revenue decreased 6% to $1.49 billion
    • Outdoor segment revenue increased 11% to $402 million
    • Fitness segment revenue increased 8% to $322 million
    • Aviation segment revenue increased 2% to $292 million
    • Marine segment revenue decreased 6% to $208 million
  • Asia Pacific (APAC) contributed growth while the Americas and Europe, Middle East and Africa (EMEA) declined:
    • Americas revenue was $1.51 billion compared to $1.53 billion, down 1%
    • EMEA revenue was $945 million compared to $983 million, down 4%
    • APAC revenue was $257 million compared to $248 million, up 4%
  • Gross margin increased to 53% compared to 49% in 2011
  • Operating margin increased to 22% from 20% in 2011
  • Diluted earnings per share (EPS) increased 3% to $2.76 from $2.67 in fiscal year 2011; pro forma EPS increased 4% to $2.85 from $2.73 in fiscal year 2011. (Pro forma EPS excludes the impact of foreign currency transaction gains or losses.)
  • Effective tax rate increased to 13.1% from 10.8% in fiscal year 2011
  • Generated over $646 million of free cash flow in 2012 leading to a cash and marketable securities balance of $2.9 billion.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



Review Article Be the first to review this article

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
H-1B Visa: de Geus’ tragedy looms large
Peggy AycinenaIP Showcase
by Peggy Aycinena
IP for Cars: Lawsuits are like Sandstorms
More Editorial  
Jobs
Technical Support Engineer for EDA Careers at Freemont, CA
Staff Software Engineer - (170059) for brocade at San Jose, CA
Mechanical Designer/Engineer for Palo Alto Networks at Santa Clara, CA
Lead Java Platform Engineer IOT-WEB for EDA Careers at San Francisco Area, CA
ASIC/FPGA Design Engineer for Palo Alto Networks at Santa Clara, CA
Technical Support Engineer EU/Germany/UK for EDA Careers at N/A, United Kingdom
Upcoming Events
Embedded Systems Conference ESC Boston 2017 at Boston Convention & Exhibition Center Boston MA - May 3 - 4, 2017
2017 GPU Tech Conference at San Jose McEnery Convention Center 150 West San Carlos Street San Jose CA - May 8 - 11, 2017
High Speed Digital Design and PCB Layout at 13727 460 Ct SE North Bend WA - May 9 - 11, 2017
Nanotech 2017 Conference & Expo at Gaylord National Hotel & Convention Center WA - May 14 - 17, 2017
DAC2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy