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
Jobs
Structural Engineer for Harris County Houston Tx at Houston, Texas
Geologist for U. S. Dept. of the Interior at Marsing, Idaho
Geographic Information System Specialist for U. S. Dept. of the Interior at Washington, District Of Columbia
Senior Operations Environmental Analyst for EDP renewables at Houston, Texas
Engineer A, B or C (Transportation) for City of Austin at Austin, Texas
QA Engineer- F-35 Quality Engineering for Lockheed Martin at Forth Worth, Texas
Upcoming Events
Smart GEO Expo 2019 at 513, Yeongdong-daero, Gangnam-gu (COEX, Hall C1 and C2) Seoul, Republic of Korea SEOUL SEOUL Korea (South) - Aug 7 - 9, 2019
2019 ENVI Analytics Symposium (EAS) at The Ritz-Carlton 1881 Curtis Street Denver CO - Aug 13 - 15, 2019
UAS Tech Forum 2019 at Salina KS - Aug 21 - 22, 2019
Palm Beach Countywide GIS Forum at Palm Beach County Convention Center 650 Okeechobee Blvd West Palm Beach FL - Aug 22 - 23, 2019
University of Denver GIS Masters Degree Online



Internet Business Systems © 2019 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 PolicyAdvertise