Garmin (GRMN) FY2011 results: revenue $2.8 billion, up 2.6% on the year
Garmin Ltd. (GRMN) reported revenue of $2.8 billion for fiscal 2011, the year ended 31 December 2011, up 2.6% on the year before. Net income was $521 million, down 10.9%, and diluted earnings per share $2.67. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2012.
Revenue
$2.8 billion
+2.6% on the year
FY2007FY2011
Operating margin
20.1%
23.7% a year earlier
FY2007FY2011
Net income
$521 million
-10.9% on the year
FY2007FY2011
Diluted EPS
$2.67
-9.5% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
2,759
2,690
2,946
+2.6%
Cost of revenue
1,420
1,344
1,502
+5.7%
Gross profit
1,339
1,346
1,444
-0.6%
Gross margin
48.5%
50.1%
49.0%
Research and development
299
277
238
+7.7%
Selling, general and administrative
341
288
264
+18.6%
Operating income
554
637
786
-13.0%
Operating margin
20.1%
23.7%
26.7%
Interest expense
n/a
1.2
0.0
Pre-tax income
584
577
809
+1.2%
Income tax
63.3
-7.3
105
Effective tax rate
10.8%
-1.3%
12.9%
Net income
521
585
704
-10.9%
Net margin
18.9%
21.7%
23.9%
Diluted EPS
$2.67
$2.95
$3.50
-9.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
822
771
1,094
+6.7%
Capital expenditure
38.4
32.2
49.2
+19.0%
Free cash flow
784
738
1,045
+6.2%
Free cash flow margin
28.4%
27.5%
35.5%
Cash from investing
-488
-72.9
-548
Cash from financing
-307
-511
-161
Depreciation and amortisation
79.4
82.2
n/a
-3.4%
Share-based compensation
40.2
40.3
43.6
-0.3%
Buybacks
22.3
226
20.3
-90.1%
Dividends paid
311
299
150
+4.0%
Dividend per share
$1.60
n/a
n/a
Diluted shares, weighted
195m
198m
201m
-1.6%
Shares outstanding at period end
195m
194m
200m
+0.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
3,257
3,050
2,836
+6.8%
Debt
0.0
0.0
n/a
Other liabilities
1,215
939
989
+29.3%
Total liabilities and equity
4,471
3,989
3,826
+12.1%
Fixed assets
417
428
441
-2.5%
Goodwill
179
137
129
+31.4%
Investments
1,208
802
766
+50.7%
Cash and equivalents
1,287
1,261
1,092
+2.1%
Receivables
607
747
874
-18.7%
Inventory
398
388
310
+2.6%
Other assets
374
227
214
+65.0%
Total assets
4,471
3,989
3,826
+12.1%
10-K for the year ended 31 December 2011, filed 29 February 2012: the filing.