Garmin (GRMN) FY2012 results: revenue $2.7 billion, down 1.6% on the year
Garmin Ltd. (GRMN) reported revenue of $2.7 billion for fiscal 2012, the year ended 29 December 2012, down 1.6% on the year before. Net income was $542 million, up 4.1%, and diluted earnings per share $2.76. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2013.
Revenue
$2.7 billion
-1.6% on the year
FY2007FY2012
Operating margin
22.2%
20.1% a year earlier
FY2007FY2012
Net income
$542 million
+4.1% on the year
FY2007FY2012
Diluted EPS
$2.76
+3.4% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
2,716
2,759
2,690
-1.6%
Cost of revenue
1,277
1,420
1,344
-10.1%
Gross profit
1,438
1,339
1,346
+7.5%
Gross margin
53.0%
48.5%
50.1%
Research and development
326
299
277
+9.1%
Selling, general and administrative
370
341
288
+8.4%
Operating income
604
554
637
+9.1%
Operating margin
22.2%
20.1%
23.7%
Interest expense
n/a
n/a
1.2
Pre-tax income
625
584
577
+6.9%
Income tax
82.1
63.3
-7.3
+29.8%
Effective tax rate
13.1%
10.8%
-1.3%
Net income
542
521
585
+4.1%
Net margin
20.0%
18.9%
21.7%
Diluted EPS
$2.76
$2.67
$2.95
+3.4%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
685
822
771
-16.7%
Capital expenditure
38.4
38.4
32.2
+0.2%
Free cash flow
646
784
738
-17.6%
Free cash flow margin
23.8%
28.4%
27.5%
Cash from investing
-496
-488
-72.9
Cash from financing
-250
-307
-511
Depreciation and amortisation
74.1
79.4
82.2
-6.8%
Share-based compensation
29.3
40.2
40.3
-27.2%
Buybacks
18.7
22.3
226
-15.9%
Dividends paid
253
311
299
-18.5%
Dividend per share
$0.90
$1.60
n/a
-43.8%
Diluted shares, weighted
196m
195m
198m
+0.7%
Shares outstanding at period end
196m
195m
194m
+0.5%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
3,532
3,257
3,050
+8.5%
Debt
0.0
0.0
0.0
Other liabilities
1,287
1,215
939
+6.0%
Total liabilities and equity
4,819
4,471
3,989
+7.8%
Fixed assets
410
417
428
-1.8%
Goodwill
176
179
137
-1.9%
Investments
1,641
1,208
802
+35.9%
Cash and equivalents
1,231
1,287
1,261
-4.3%
Receivables
604
607
747
-0.6%
Inventory
390
398
388
-2.0%
Other assets
367
374
227
-1.9%
Total assets
4,819
4,471
3,989
+7.8%
10-K for the year ended 29 December 2012, filed 27 February 2013: the filing.