Garmin reports 4Q, year-end results

Author:
Updated:
Original:

Garmin today announced that revenue in its marine segment increased 9 percent in the fourth quarter.

Total revenue for the quarter that ended Dec. 25 was down 21 percent, to $838 million, from $1.06 billion in the fourth quarter of 2009. The marine segment provided $37 million.

Profits for the quarter fell 52 percent, to $132.9 million, or 68 cents a share, from $278.4 million, or $1.38 a share, in the fourth quarter of 2009.

For fiscal 2010, marine segment revenue increased 12 percent, to $199 million. Total revenue for the year was $2.69 billion, down 9 percent from $2.95 billion in 2009, the Swiss-based company reported.

Profits for the year totaled $584.6 million, down from $703.95 million in fiscal 2009. Diluted earnings per share decreased 16 percent, to $2.95, from $3.50 in fiscal 2009.

Among its business highlights, Garmin noted that it had "achieved significant full-year revenue and operating income growth in outdoor/fitness, marine and aviation. These growth segments generated 61 percent of the total operating income in 2010."

"While 2010 represented a year of adversity for our PND business and our handset initiative, we exit the year with a growing presence in outdoor/fitness, aviation, marine and auto OEM that give us confidence in the long-term outlook for Garmin," Garmin chairman and CEO Min Kao said in a statement.

"Strong revenue and operating income performance in these segments was a highlight for the year and a foundation on which we hope to grow. The business generated free cash flow of $738 million, which further strengthened our debt-free balance sheet and afforded us the opportunity to return significant value to shareholders in 2010 through a dividend and share repurchases.

"As we look forward to 2011 we are excited to be launching Garmin marine electronics with a growing number of OEM partners, including Volvo Penta, Bavaria Yachts, Tiara Yachts and Chaparral," he added. "In addition, we have refreshed our fishfinder lineup for the spring season. Throughout the coming year we will continue to build our position in the segment through innovation and OEM relationships that offer long-term growth."

Click here for the full release.

Related

STAR BRITE DEBUTS NEW MARINE DESCALING FLUID

Star brite introduces Marine Descaling Fluid—a powerful, easy way to descale raw water-cooled systems using recirculation. It saves time, energy, and a lot of headache, allowing for a faster, cost-effective return-to-service for equipment.

NAW Elects 2021 Officers

Michael Medart of Medart Engine and Marine takes the helm as chairman of the National Association of Wholesaler-Distributors board.

Caterpillar Names Global Manager

Alex Berg will lead the manufacturer’s pleasure craft and yachting segment.

Nearly 320K Boats Sold in 2020

NMMA says new-boat sales are at their highest level in 12 years, with all powerboat segments up 8 to 22 percent.

‘Injection of Capital’ for Cox Powertrain

The British company said it will use the $16.7 million to expand operations and ramp up production of its CXO300 diesel outboard.

Groupe Beneteau Releases Preliminary 2020 Financials

Revenues were down 15.1 percent for the 16-month period that ended Dec. 31. A full report is due next month.

A Modern Twist on Word of Mouth

The supercharged power of user-generated content.