Garmin reports 4Q, year-end results

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Garmin today announced that total revenue was up 9 percent in the fourth quarter and 3 percent for fiscal 2011, while marine segment revenue increased 16 percent for the quarter and 12 percent for the year.

The company reported total revenue of $910 million in the fourth quarter, up from $838 million in the fourth quarter of 2010, with each business segment contributing to growth: Marine segment revenue increased to $43 million.

For the quarter that ended Dec. 31, Garmin reported a profit of $165.6 million, or 85 cents a diluted share, up 25 percent from a year-earlier profit of $132.9 million, or 68 cents a share. Pro forma earnings per share increased 16 percent, to 96 cents, in the 2011 quarter from 83 cents in the same quarter of 2010.

For fiscal 2011, total revenue was $2.76 billion, up from $2.69 billion in 2010, Garmin reported. Marine segment revenue increased to $222 million.

Garmin said it achieved full-year revenue growth in outdoor, fitness, marine and aviation, offsetting declines in automotive/mobile. These growth segments generated 71 percent of the total operating income in 2011.

The company sold almost 16 million units in 2011, with unit growth in outdoor, fitness, marine and automotive OEM nearly offsetting declines in personal navigation devices.

“Entering 2011, we forecasted $2.5 billion of revenue and $2.50 of EPS. I am pleased to say that we far exceeded those targets through a combination of solid execution by our associates and successful acquisitions that further diversify our company in both products and geographies,” Garmin Ltd. chairman and CEO Min Kao said in a statement.

“The marine segment posted fourth-quarter and full-year revenue growth of 16 percent and 12 percent, respectively, exceeding our expectations,” Kao added. “The marine industry, like aviation, has been slow to recover, but Garmin has continually gained market share, allowing us to post our strongest ever revenues in 2011. We have invested heavily in our marine segment this year, with increased research and development and the build?out of additional support infrastructure to serve our growing base of OEM customers. We expect growth to continue in 2012 as we deliver further innovation and utility to the recreational marine market.”


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