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.

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