Skip to main content

Garmin reports 4Q results

Garmin Ltd. today announced strong fourth-quarter results, including revenue and earnings per share growth for the period ending Dec. 26, 2009.

The company reported 2 percent growth in marine segment revenue, to $34 million. Total revenue was $1.06 billion, up 1 percent from $1.05 billion in the fourth quarter of 2008.

Diluted earnings per share increased 77 percent to $1.38 from 78 cents in fourth quarter 2008; pro forma earnings per share increased 54 percent to $1.43 from 93 cents in the same quarter in 2008.

For fiscal 2009, total revenue was down 16 percent, to $2.95 billion this year, from $3.49 billion in 2008. Marine segment revenue for the year dropped 13 percent to $177 million.

Diluted earnings per share increased 1 percent in fiscal 2009 to $3.50 from $3.48 in fiscal year 2008; pro forma earning per share increased 3 percent to $3.53 from $3.42 in fiscal year 2008.

"We saw strengthening trends in both revenues and units during the fourth quarter and are pleased to deliver year-over-year revenue and earnings per share growth in the quarter," chairman and CEO Min Kao said in a statement.

"Looking at the full-year results, a significant highlight is the gross and operating margin expansion that was achieved in a period of declining revenues. Full-year gross margins increased 450 basis points, while operating margins increased 200 basis points," he added. "These results continue to demonstrate the agility of our vertically integrated organization and the determination of our associates to deliver the best possible results in spite of the challenging macroeconomic environment."

While the growth in the marine segment was small, Kao said the company was pleased with its results considering economic conditions.

"As we look forward to 2010, we are excited to be offering the most innovative and advanced marine electronics," he said. "Our recently introduced 7-inch touch-screen chart plotters allow us to deliver technology to the entry-level boater that was previously reserved for the luxury market. Our new 6000 and 7000 series with G-Motion technology represents a breakthrough in marine mapping graphics and will appeal to larger boats and yachts."

Related

1_PULSE1

Inflation Stymies Boat Sales

Inventories of new and used boats are improving at the retail level but are still considered comparatively lean, according to the results of the monthly Pulse Report survey.

Norm

Ho, Ho, Ho, You Better Watch Out

It may be too early to decorate the showroom, but it’s not too early to hatch a marketing plan to profit from the holiday selling season.

IBEX

Industry reacts to IBEX cancelation

With Ian expected to hit Florida’s west coast as a major hurricane, the consensus among those who spoke with Trade Only Today say it was the correct decision.

1_ABYCELECTRIFICATION

Ready for a Revolution

Electrification has been an increasingly common buzzword in the marine industry, especially in the past four to five years.

1_MARINEMAX.BOD

MarineMax Makes Appointment to its Board

Mercedes Romero has expertise in global procurement and strategic planning, working with such companies as Procter & Gamble and Starbucks.

1_ PULSE.PING.1

DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.

1_SPOTZERO

Spot Zero Announces Expansion

The Fort Lauderdale-based reverse osmosis systems manufacturer is adding a 20,000-square-foot production facility.

1_Seakeeper Ride 450_2023 Sportsman Open 232 Center Console

Seakeeper’s New System Targets Pitch

Seakeepeer, whose gyroscopic stabilizers set the marine industry standard for eliminating as much as 95 percent of a boat’s roll, is now turning its attention to eliminating pitch with their Seakeeper Ride system.

7_IMG_0254

Propeller Precision

Yamaha’s new $20 million foundry produces about 100,000 propellers a year