Garmin Reports Fourth Quarter Results with Continued Strength in Outdoor/Fitness, Aviation and Marine Businesses

SCHAFFHAUSEN, Switzerland — (BUSINESS WIRE) — February 23, 2011 — Garmin Ltd. (Nasdaq: GRMN) today announced fourth quarter results for the period ended December 25, 2010.

Fourth Quarter 2010 Financial Summary:

  • Total revenue of $838 million, down 21% from $1.059 billion in fourth quarter 2009
    • Automotive/Mobile segment revenue decreased 31% to $559 million
    • Outdoor/Fitness segment revenue increased 15% to $171 million
    • Aviation segment revenue increased 10% to $71 million
    • Marine segment revenue increased 9% to $37 million
  • Asia experienced year-over-year revenue growth while North America and Europe declined:
    • North America revenue was $537 million compared to $768 million, down 30%
    • Europe revenue was $235 million compared to $246 million, down 4%
    • Asia revenue was $66 million compared to $45 million, up 46%
  • Gross margin declined slightly to 45% compared to 46% in fourth quarter 2009
  • Operating margin declined to 22% compared to 28% in fourth quarter 2009
  • Effective tax rate increased to 15.0% in fourth quarter of 2010 compared to 4.7% in fourth quarter 2009
  • Diluted earnings per share decreased to $0.68 from $1.38 in fourth quarter 2009; pro forma earnings per share decreased 42% to $0.83 from $1.43 in the same quarter in 2009. (Pro forma earnings per share excludes the impact of foreign currency translation gain or loss.)
  • Generated $175 million of free cash flow in fourth quarter 2010 for a cash and marketable securities balance of over $2 billion.

Fiscal Year 2010 Financial Summary:

  • Total revenue of $2.69 billion, down 9% from $2.95 billion in 2009
    • Automotive/Mobile segment revenue decreased 19% to $1.67 billion
    • Outdoor/Fitness segment revenue increased 19% to $560 million
    • Aviation segment revenue increased 7% to $263 million
    • Marine segment revenue increased 12% to $199 million
  • Asia revenues increased while Europe was stable and North America declined:
    • North America revenue was $1.65 billion compared to $1.97 billion, down 17%
    • Europe revenue was $823 million compared to $824 million, flat year-over-year
    • Asia revenue was $220 million compared to $150 million, up 47%
  • Gross margin improved to 50% compared to 49% in 2009
  • Operating margin declined to 24% from 27% in 2009
  • Effective normalized tax rate (excluding one-time tax adjustments (1)) increased to 15.8% in 2010 compared to 12.9% in 2009
  • Diluted earnings per share decreased 16% to $2.95 from $3.50 in fiscal year 2009; pro forma EPS decreased 20% to $2.83 from $3.53 in fiscal year 2009. (Pro forma earnings per share excludes the impact of foreign currency translation gain or loss and one-time tax adjustments in 2010.)
  • Generated over $738 million of free cash flow in 2010.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »
Featured Video
Jobs
CAD Engineer for Nvidia at Santa Clara, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
Sr. Silicon Design Engineer for AMD at Santa Clara, California
Design Verification Engineer for Blockwork IT at Milpitas, California
GPU Design Verification Engineer for AMD at Santa Clara, California
Senior Platform Software Engineer, AI Server - GPU for Nvidia at Santa Clara, California
Upcoming Events
Phil Kaufman Award Ceremony and Banquet to be held November 6 at Hayes Mansion at Hayes Mansion 200 Edenvale Ave San Jose CA - Nov 6, 2024
SEMICON Europa 2024 at Messe München München Germany - Nov 12 - 15, 2024
DVCon Europe 2023 at Holiday Inn Munich – City Centre Munich Germany - Nov 14 - 15, 2024
SEMI MEMS & Imaging Sensors Summit, at International Conference Center Munich Germany - Nov 14, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — 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 PolicyAdvertise